WEX closes $550M 6.500% notes due 2033 and $450M term loan, funds up to $750M share buyback

WEX Inc.

$550M aggregate principal of 6.500% senior unsecured notes due 2033 issued; interest payable semi-annually.
$450M incremental Term Loan B-3 facility at SOFR + 1.75%, maturing March 6, 2032.
Proceeds to fund tender offer for up to $750M of common stock, repay ~$250M revolver, and pay fees.
Seventh Amendment raises restricted payments leverage ratio covenant from 2.75x to 3.50x.
Notes are unsecured and effectively subordinated to existing secured indebtedness.

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