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WEX adds $300 million tranche A-3 term loan for Discovery buyout
By Susanna Moon
Chicago, Jan. 22 – WEX Inc. amended its credit agreement on Jan. 18 with Bank of America, NA as administrative agent to add a $300 million tranche A-3 term loan, according to an 8-K filing with the Securities and Exchange Commission.
The amendment brings the outstanding principal amount of tranche A-3 term loans to $723,637,500 from $423,637,500.
In addition, the amendment provides delayed-draw commitments for an incremental $275 million tranche A-3 term loan and an incremental $25 million of revolving credit commitments.
The delayed-draw is expected to fund upon the closing of the previously announced acquisition of Discovery Benefits, Inc.
The commitments for the delayed-draw facility will expire on May 31 if the incremental tranche A-3 term loans have not been funded.
At any time before May 31, the company may reduce the incremental tranche A-3 term loan commitments and the incremental revolving credit commitments on a pro rata basis.
Also, the company and any delayed-draw lender may agree to convert any portion of the incremental tranche A-3 term loan commitments and incremental revolving credit commitments into commitments of the other type.
MUFG Union Bank, NA, SunTrust Robinson Humphrey, Inc., Citizens Bank, NA and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners, and Bank of Montreal and Santander Bank, NA are the co-documentation agents.
In connection with the amendment, the company borrowed $300 million of tranche A-3 term loans on Jan. 18, with the proceeds to be used to help fund the acquisition of Noventis.
WEX is a South Portland, Maine-based provider of corporate payment services.
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