WEX today completed an offering of senior notes via bookrunners Wells Fargo, Bank of America, SunTrust, and RBS, according to sources. Demand for the deal allowed for pricing at the tight end of guidance after a $50 million upsizing. Proceeds from the debut offering will be used to partially repay borrowings outstanding under the company’s senior credit facility and for general corporate purposes. In addition, WEX recently boosted the size of its TLA to $300 million, from $185 million, and increased the size of its revolver by $100 million, to $800 million via an amendment, according to a regulatory filing. Loan maturities were also extended, to 2018, from 2016. WEX, formerly known as Wright Express, provides business payment processing and information management services in North America, the Asia Pacific, and Europe. Terms:
| Issuer | WEX Inc. |
| Ratings | BB/Ba3 |
| Amount | $400 million |
| Issue | senior notes (144A life) |
| Coupon | 4.75% |
| Price | 100 |
| Yield | 4.75% |
| Spread | T+283 |
| FRN eq. | L+277 |
| Maturity | Feb. 1, 2023 |
| Call | nc5 |
| Trade | Jan. 25, 2013 |
| Settle | Jan. 30, 2013 |
| Joint Bookrunners | WF/BAML/Sun/RBS |
| Co-Leads | |
| Co’s. | BMO,Key,BTM,SMBC |
| Px talk | 4.75-5% |
| Notes | w/ three-year equity clawback for 35% @ 104.75; upsized by $50 million. |