WEX Inc. (WEX): debt financing — WEX amends credit agreement: extends maturity to 2029, upsizes revolver to $1.6B and term loan to $900M

WEX Inc.

Maturity extended from April 2026 to May 2029 for revolving and tranche A term loans.
Revolving commitments increased from $1.43B to $1.6B; tranche A term loan from $844M to $900M.
Interest margins repriced: SOFR loans range from 1.50% to 2.25% based on leverage; SOFR spread adjustment removed.
Fifth Amendment entered May 10, 2024; Bank of America, N.A. as administrative agent.

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. amended revolving credit of $1.6 billion with Bank of America, N.A. at 1.50% for SOFR loans and 0.50% for base rate loans maturing May 10, 2029.

Instrument: revolving credit
Principal: $1.6 billion
Counterparty: Bank of America, N.A.
Rate: 1.50% for SOFR loans and 0.50% for base rate loans
Maturity: May 10, 2029
Event: amendment

Exact text from the filing

extends the maturity date of the Company’s revolving credit facility and tranche A term loans from April 1, 2026 to May 10, 2029, (ii) increases commitments under the Company’s revolving credit facility from $1.43 billion to $1.6 billion

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

WEX Inc. amended term loan of $900 million with Bank of America, N.A. maturing May 10, 2029.

Instrument: term loan
Principal: $900 million
Counterparty: Bank of America, N.A.
Maturity: May 10, 2029
Event: amendment

Exact text from the filing

increases the size of the Company’s tranche A term loan facility from $844 million to $900 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

WEX Inc. amended Fifth Amendment to Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent (effective 2024-05-10).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent
Effective: 2024-05-10

Exact text from the filing

On May 10, 2024, WEX Inc. (the “Company”) and certain of its subsidiaries entered into the Fifth Amendment to Amended and Restated Credit Agreement (the “Fifth Amendment”), which amends that certain Amended and Restated Credit Agreement, dated as of April 1, 2021, by and among the Company and certain of its subsidiaries identified therein, the lenders party thereto from time to time, and Bank of America, N.A., as administrative agent on behalf of the lenders

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.95

WEX Inc. shareholders approved A non-binding, advisory proposal on the compensation of the Company’s named executive officers at the 2024-05-09 meeting.

Proposal: say on pay
Outcome: passed
Meeting: 2024-05-09

Exact text from the filing

A non-binding, advisory proposal on the compensation of the Company’s named executive officers was approved. For: 37,012,270 Against: 751,625 Abstain: 22,285

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.95

WEX Inc. shareholders approved Election of Directors at the 2024-05-09 meeting.

Proposal: director election
Outcome: passed
Meeting: 2024-05-09

Exact text from the filing

The following nominees were elected to the Company’s Board of Directors as directors each for a one-year term, expiring at the Company’s 2025 annual meeting of stockholders, and until their respective successors are elected and qualified. Nancy Altobello For: 36,728,777 Against: 1,035,668 Abstain: 21,735

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.95

WEX Inc. shareholders approved Ratification of appointment of Deloitte & Touche, LLP as independent registered public accounting firm for fiscal year ending December 31, 2024 at the 2024-05-09 meeting.

Proposal: auditor ratification
Outcome: passed
Meeting: 2024-05-09

Exact text from the filing

The appointment of Deloitte & Touche, LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2024 was ratified. For: 37,198,673 Against: 567,697 Abstain: 19,810

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304 debt financings filed in the last 30 days. Browse all debt financings →

WEX Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-023337

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