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Wright Express Corporation Announces Pricing of Initial Public Offering
Shares to Trade Under Ticker Symbol 'WXS'
SOUTH PORTLAND, Maine, Feb. 15 /PRNewswire-FirstCall/ -- Wright Express Corporation (NYSE: WXS) today announced that the initial public offering of 40 million shares of its common stock was priced at $18.00 per share. All 40 million shares of common stock are being sold by Cendant Corporation. The Company's common stock has been approved for listing on the New York Stock Exchange under the ticker symbol "WXS." As previously announced, JPMorgan, Credit Suisse First Boston and Merrill Lynch & Co. are the joint book-running managers of the offering. The completion of the offering is scheduled for Tuesday, Feb. 22, subject to customary closing conditions.
Wright Express will not receive any of the proceeds from the 40 million shares of common stock being sold by Cendant. Wright Express will use any proceeds it receives from the exercise of the underwriters' over-allotment option to purchase up to 6 million additional shares of common stock for general corporate purposes, which may include the repayment of borrowings under its new credit facility and share repurchases.
A copy of the prospectus relating to the shares of Wright Express common stock may be obtained from J.P. Morgan Securities Inc., Prospectus Department, One Chase Manhattan Plaza, New York, NY 10081 (Telephone: 212.552.5164), Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, Level 1B, New York, NY 10010 by faxing a request to 212.325.8057, or Merrill Lynch & Co. at 4 World Financial Center, New York, NY 10080 (Telephone: 212.449.1000).
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Wright Express common stock in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Wright Express
Wright Express is a leading provider of payment processing and information management services to the U.S. commercial and government vehicle fleet industry. Wright Express provides these services for over 280,000 commercial and government fleets containing more than 3.9 million vehicles. Wright Express markets these services directly as well as through its over 80 strategic relationships, and offers a MasterCard-branded corporate card. The Company employs more than 610 people and maintains its headquarters in South Portland, Maine.
News media contact: Investor contact: Jessica Roy Steve Elder Wright Express Wright Express 207.318.3461 (cell) 207.415.8253 (cell) 207.523.6763 (office) 207.523.7769 (office) Jessica_Roy@wrightexpress.com Steve_Elder@wrightexpress.com
SOURCE Wright Express Corporation -0- 02/15/2005 /CONTACT: Jessica Roy, +1-207-318-3461 (cell), +1-207-523-6763 (office), Jessica_Roy@wrightexpress.com, or Steve Elder, +1-207-415-8253 (cell), +1-207-523-7769 (office), Steve_Elder@wrightexpress.com, both of Wright Express/ /Web site: http://www.wrightexpress.com/ (WXS) CO: Wright Express Corporation ST: Maine IN: FIN CPR SU: OFR NJ-CP -- NETU049 -- 5092 02/15/2005 20:16 EST http://www.prnewswire.com