SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Jan. 5, 2018--
WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions
(the “Company”), today announced that it has invited certain prospective
lenders to a meeting scheduled for January 8, 2018 for the purpose of
considering potential amendments to its credit facility, including a
repricing of the Company’s existing $1.185 billion Term Loan B (the
“Potential Repricing”) and a potential $100 million increase to its Term
Loan B. There can be no assurance that the Company will be able to
complete any such transaction, which is subject to market and other
customary conditions.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 10 million vehicles
and offering exceptional payment security and control across a wide
spectrum of business sectors. WEX serves a global set of customers and
partners through its operations around the world, with offices in the
United States, Australia, New Zealand, Brazil, the United Kingdom,
Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries
employ more than 2,700 associates. The Company has been publicly traded
since 2005, and is listed on the New York Stock Exchange under the
ticker symbol “WEX.” For more information, visit www.wexinc.com
and follow WEX on Twitter at @WEXIncNews.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking
statements" intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can generally be identified as such by
the context of the statements, including words such as “believe,”
“expect,” “anticipate,” “plan,” “may,” “would,” “intend,” “estimate,”
“guidance” and other similar expressions, whether in the negative or
affirmative. These forward-looking statements are based on current
expectations, estimates, forecasts and projections about the industry
and markets in which the Company operates and management’s beliefs and
assumptions. There can be no assurance that the Company will be able to
complete the Potential Repricing. The Company cannot guarantee that it
actually will achieve the financial results, plans, intentions,
expectations or guidance disclosed in the forward-looking statements
made. Such forward-looking statements, and all phases of operations,
involve a number of risks and uncertainties, any one or more of which
could cause actual results to differ materially from those described in
such forward-looking statements. Such risks and uncertainties include or
relate to, among other things: the effects of general economic
conditions on fueling patterns as well as payment and transaction
processing activity; the impact of foreign currency exchange rates on
the Company’s operations, revenue and income; changes in interest rates;
the impact of fluctuations in fuel prices; the effects of the Company’s
business expansion and acquisition efforts; potential adverse changes to
business or employee relationships, including those resulting from the
completion of an acquisition; competitive responses to any acquisitions;
uncertainty of the expected financial performance of the combined
operations following completion of an acquisition; the ability to
successfully integrate the Company's acquisitions, including Electronic
Funds Source LLC's operations and employees; the ability to realize
anticipated synergies and cost savings; unexpected costs, charges or
expenses resulting from an acquisition; the Company's failure to
successfully operate and expand ExxonMobil's European and Asian
commercial fuel card programs; the failure of corporate investments to
result in anticipated strategic value; the impact and size of credit
losses; the impact of changes to the Company's credit standards;
breaches of the Company’s technology systems or those of third-party
service providers and any resulting negative impact on the Company’s
reputation, liabilities or relationships with customers or merchants;
the Company’s failure to maintain or renew key agreements; failure to
expand the Company’s technological capabilities and service offerings as
rapidly as the Company’s competitors; failure to successfully implement
the Company’s information technology strategies and capabilities in
connection with its technology outsourcing and insourcing arrangements
and any resulting cost associated with that failure; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or other
subsidiaries or affiliates; the impact of the Company’s outstanding
notes on its operations; the impact of increased leverage on the
Company's operations, results or borrowing capacity generally, and as a
result of acquisitions specifically; the incurrence of impairment
charges if the Company’s assessment of the fair value of certain
reporting units changes; the uncertainties of litigation; as well as
other risks and uncertainties identified in Item 1A of the Company’s
Annual Report for the year ended December 31, 2016, filed on Form 10-K
with the Securities and Exchange Commission on March 6, 2017 and the
Company’s Quarterly Report on Form 10-Q for the three months ended March
31, 2017 filed with the Securities and Exchange Commission on May 8,
2017.
The Company's forward-looking statements do not reflect the potential
future impact of any alliance, merger, acquisition, disposition or stock
repurchases. The forward-looking statements speak only as of the date of
this press release and undue reliance should not be placed on these
statements. The Company disclaims any obligation to update any
forward-looking statements as a result of new information, future events
or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180105005166/en/
Source: WEX Inc.
News media:
WEX Inc.
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Investors:
WEX
Inc.
Steve Elder, 207-523-7769
Steve.Elder@wexinc.com