On July 3, 2017, WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, announced a successful repricing of the secured term loans under its existing credit facility. The lenders have agreed to an amendment that reduces the applicable interest rate margin at current borrowing levels for both LIBOR borrowings and base rate borrowings by (i) 50 basis points for the company's tranche A term loans and (ii) 75 basis points for the company's tranche B term loans. The consolidated leverage ratio as defined in the credit facility (i.e., consolidated funded indebtedness to consolidated EBITDA) was also modified for purposes of calculating the interest rate margin for tranche A term loans and revolving loans and determining compliance with the financial covenant by allowing the company to exclude up to $75 million of certain corporate cash balances for purposes of determining consolidated funded indebtedness.
Jamie Class, Ellie Guadiana, Justin Ochs and John Sigel served as legal counsel to WEX in this transaction.