WEX Inc. (NYSE:WEX) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure
On December 20, 2017, WEX Inc. (the "Company") entered into two separate interest rate swap arrangements with Regions Bank and Citizens Bank to fix a portion of our variable rate debt. The swaps have an aggregate notional amount of $500,000,000, with an effective date of December 29, 2017, and a term of 5 years. Under the interest rate swap arrangements, the Company will pay a weighted average annualized fixed rate of 2.21 percent interest over the five year term and the Company will receive the 1 month LIBOR rate from each counterparty on a net settlement basis.
About WEX Inc. (NYSE:WEX)
WEX Inc. is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets. This segment also provides information management services to these fleet customers. The Travel and Corporate Solutions segment focuses on the complex payment environment of business-to-business payments, providing customers with payment processing solutions for their corporate payment and transaction monitoring needs. The Health and Employee Benefit Solutions segment provides healthcare payment products and software as a service (SaaS) consumer directed platforms, as well as payroll related benefits to customers in Brazil.