WEX increases add-on term loan B amount to $150 million

By Sara Rosenberg

New York, Jan. 11 – WEX Inc. upsized its fungible add-on covenant-light term loan B due July 1, 2023 to $150 million from $100 million, according to a market source.

As before, pricing on the add-on loan and repricing of the company’s existing $1,185,000,000 covenant-light term loan B due July 1, 2023 is Libor plus 225 basis points with a 0% Libor floor and an original issue discount of 99.875, and the debt includes 101 soft call protection for six months.

Bank of America Merrill Lynch, Citizens Bank, MUFG, SunTrust Robinson Humphrey Inc. and BMO Capital Markets are the lead arrangers on the deal.

Recommitments are due at 10 a.m. ET on Friday with allocations expected thereafter, the source added.

Proceeds from the add-on loan will be used pay down revolving credit facility borrowings, and the repricing will take the existing term loan B down from Libor plus 275 bps with a 0% Libor floor.

WEX is a South Portland, Maine-based provider of corporate payment solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.