WEX Inc. (WEX): debt financing — 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.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WEX Inc. incurred senior notes of $550 million with Citibank, N.A. at 6.500% maturing March 15, 2033.

Instrument: senior notes
Principal: $550 million
Counterparty: Citibank, N.A.
Rate: 6.500%
Maturity: March 15, 2033
Event: incurrence

Exact text from the filing

On March 6, 2025 (the “Closing Date”), WEX Inc. (the “Company”) completed its previously announced upsized offering (the “Notes Offering”) of $550 million in aggregate principal amount of its new 6.500% senior unsecured notes due 2033 (the “Notes”)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WEX Inc. incurred term loan of $450 million with Bank of America, N.A. at SOFR plus 1.75% maturing March 6, 2032.

Instrument: term loan
Principal: $450 million
Counterparty: Bank of America, N.A.
Rate: SOFR plus 1.75%
Maturity: March 6, 2032
Event: incurrence

Exact text from the filing

agent on behalf of the lenders, to, among other things, establish an incremental tranche of senior secured tranche B term loans in an aggregate principal amount of $450 million (the “Incremental Term Loan B-3 Facility”). The Company intends to use the net proceeds from the Notes Offering, together with the net proceeds of borrowings under the

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WEX Inc. filing history →

Source: SEC EDGAR

accession 0001140361-25-007445

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