Business
International Money Express, Inc. Secures New Debt Facility to Drive Continued Growth, Refinances $88 million Term Loan and Increases Revolver Capacity to $150 million
MIAMI, June 28, 2021 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), (“Intermex” or the “Company”) a leading money remittance services
About this update from International Money Express, Inc.
[{"type":"text","content":"MIAMI, June 28, 2021 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), (“Intermex” or the “Company”) a leading money remittance services company, today announced that it completed a refinancing of its existing secured debt by entering into a new secured $87.5 million term loan facility, a $150 million revolving credit facility and an uncommitted incremental facility, which may be utilized for additional term or revolving loans of up to $70 million. The new term loan facility has a principal balance of $87.5 million maturing in 2026. Loans under the new term loan facility bear a market interest rate equal to LIBOR plus 250 basis points up to 300 basis points depending on the Company’s total leverage ratio. This new rate represents a significant reduction from the prior rate of LIBOR plus 450 basis points. The proceeds of the new term loan facility were used to repay the Company's existing term loan obligations. The Company also successfully increased the commitments under the revolving credit facility to $150 million, maturing in 2026. The new facility replaced the Company's existing $45 million revolving credit facility. Loans under the new revolving credit facility also bear interest at LIBOR plus 250 basis points up to 300 basis points depending on the Company’s total leverage ratio, while the prior facility’s rate was LIBOR plus 450 basis points. \"Today's announcement highlights the confidence the debt capital market has in Intermex and our strategy to serve the $77 billion Latin American money transfer market,\" said Andras Bende, Chief Financial Officer. \"This improved credit facility offers us lower pricing, enhanced flexibility to grow our core operations, greater capital resources to add new products and services, and the ability to optimize our balance sheet during the next phase of our Company’s growth,” Bende added. Safe Harbor Compliance Statement for Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views concerning certain events that could affect our future performance, including but without limitation, statements regarding the benefits of the refinancing and ou...