Attached files
file | filename |
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8-K - FORM 8-K - WEX Inc. | b86748e8vk.htm |
EX-10.1 - EX-10.1 - WEX Inc. | b86748exv10w1.htm |
EX-10.2 - EX-10.2 - WEX Inc. | b86748exv10w2.htm |
EX-10.4 - EX-10.4 - WEX Inc. | b86748exv10w4.htm |
EX-10.3 - EX-10.3 - WEX Inc. | b86748exv10w3.htm |
EX-10.5 - EX-10.5 - WEX Inc. | b86748exv10w5.htm |
Exhibit 99.1
Wright Express Completes New Credit Facility
SOUTH PORTLAND, Maine, May 26, 2011 (BUSINESS WIRE) Wright Express Corporation (NYSE: WXS),
a leading provider of value-based payment processing and information management solutions,
announced today that it has secured a new five year credit facility.
The new credit agreement consists of a $200 million term loan facility and $700 million
multi-currency revolving credit facility. Proceeds will be used to refinance existing indebtedness
and for other corporate purposes including ongoing working capital needs, capital expenditures and
growth opportunities. The initial funding rate on the facility is LIBOR plus 175 basis points and
will fluctuate based on the Companys leverage ratio.
Steve Elder, Chief Financial Officer of Wright Express commented, This new facility substantially
improves the flexibility of our capital structure, allowing us to further execute on our growth
strategy, both organically and through acquisitions. In addition, the multi-currency borrowing
capability provides us with the ability to leverage both domestic and international opportunities.
About Wright Express
Wright Express (NYSE:WXS) is a leading provider of value-based, business payment processing and
information management solutions. The Companys fleet, corporate, and prepaid payment solutions
provide its more than 350,000 customers with unparalleled security and control across a wide
spectrum of business sectors. The Companys subsidiaries include Wright Express Financial Services,
Pacific Pride and Wright Express International, including Wright Express Prepaid Cards Australia
and Wright Express Fuel Cards Australia. Wright Express and its subsidiaries employ more than 870
associates in six countries. For more information about Wright Express, please visit
wrightexpress.com.
Forward Looking Statement
This press release contains forward-looking statements, including statements regarding:
improvements to the flexibility of the Companys capital structure; and, effect of the credit
facility on the Companys ability to execute on its growth strategy and leverage both domestic and
international opportunities. Forward-looking statements can be identified by the use of words such
as expects, may, anticipates, intends, would, will, plans, believes, estimates,
should, and similar words and expressions. These forward-looking statements include a number of
risks and uncertainties that could cause actual results to differ materially, including: the impact
of interest rates and foreign exchange rates on the Companys operations and capital structure; the
Companys failure to successfully integrate the businesses it has acquired; the failure to
successfully expand business internationally; fuel price volatility; the impact of foreign exchange
rates on the Companys operations, revenue and income; the Companys failure to maintain or renew
key agreements; failure to expand the Companys technological capabilities and service offerings as
rapidly as the Companys competitors; the actions of regulatory bodies, including bank and
securities regulators, or possible changes in banking and derivatives regulations impacting the
Companys industrial loan bank and the Company as the corporate parent; the uncertainties of
litigation; the effects of general economics on fueling patterns and the commercial activity of
fleets, as well as other risks and uncertainties identified in Item 1A of the Companys Annual
Report for the year ended December 31, 2010, filed on Form 10-K with the Securities and Exchange
Commission on February 28, 2011 and the Companys subsequent periodic and current reports. The
Companys forward-looking statements and these factors 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.
SOURCE: Wright Express Corporation
Wright Express
News media contact:
Jessica Roy, 207-523-6763
Jessica_Roy@wrightexpress.com
Wright Express
News media contact:
Jessica Roy, 207-523-6763
Jessica_Roy@wrightexpress.com
or
Investor contact:
Wright Express
Steve Elder, 207-523-7769
Steve_Elder@wrightexpress.com
Wright Express
Steve Elder, 207-523-7769
Steve_Elder@wrightexpress.com