WEX Inc. is proposing a $500 million term loan B due 2032 and $500 million of senior unsecured notes due 2033. The company plans to use the proceeds to repurchase shares of up to $750 million and pay down the company's revolving credit facility. We affirmed our 'BB-' issuer credit rating on WEX. At the same time, we assigned a 'BB-' rating (recovery rating: '3') to the proposed $500 million term loan B due 2032, and a 'B' rating (recovery rating: '6') to the proposed $500 million senior unsecured notes due 2033. The stable outlook reflects our expectation that WEX will sustain leverage on the higher end of 5.0x-6.5x and EBITDA coverage of interest above 3x. Our $6.6 billion measure
