WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions
(the “Company”), today announced that it is providing certain
prospective lenders information for purposes of considering potential
amendments to its credit facility, including extending the maturity date
of the tranche B term loans by three (3) years and making certain
changes to the negative covenants and related definitions, including the
investment and indebtedness covenants, and the sublimits applicable to
subsidiary borrowers (collectively, the “Potential Amendment and
Extension”). There can be no assurance that the Company will be able to
complete any such transaction, which would be subject to market and
other customary conditions.
About WEX Inc.
Powered by the belief that complex payment systems can be made simple,
WEX (NYSE: WEX) is a leading financial technology service provider
across a wide spectrum of sectors, including fleet, travel and
healthcare. WEX operates in more than 10 countries and in more than 20
currencies through more than 4,800 associates around the world. WEX
fleet cards offer 13.1 million vehicles exceptional payment security and
control; purchase volume in its travel and corporate solutions grew to
$34.7 billion in 2018; and the WEX Health financial technology platform
helps 343,000 employers and more than 28 million consumers better manage
healthcare expenses. For more information, visit www.wexinc.com.
Safe Harbor Statement
This press release contains forward-looking statements, including
statements regarding: financial guidance; assumptions underlying the
Company’s financial guidance; future growth opportunities and
expectations; and, market expansion. Any statements that are not
statements of historical facts may be deemed to be forward-looking
statements. When used in this press release, the words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“plan,” “project” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain such words. 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 Amendment and Extension. The Company
cannot guarantee that it will actually achieve the financial results,
plans, intentions, expectations or guidance disclosed in the
forward-looking statements made. Such forward-looking statements 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 failure to
successfully integrate the Company’s acquisitions; the ability to
realize anticipated synergies and cost savings; unexpected costs,
charges or expenses resulting from an acquisition; the Company’s ability
to successfully acquire, integrate, operate and expand 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 the Company’s 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 commercial 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
material weaknesses disclosed in Item 9A of the Company’s annual report
on Form 10-K for the year ended December 31, 2018 and the effects of the
Company’s investigation and remediation efforts in connection with
certain immaterial errors in the financial statements of our Brazilian
subsidiary; 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 our
assessment of the fair value of certain of our reporting units changes;
the uncertainties of litigation; as well as other risks and
uncertainties identified in Item 1A of our Annual Report for the year
ended December 31, 2018, filed on Form 10-K with the Securities and
Exchange Commission on March 18, 2019. 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.
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