...NEW YORK (S&P Global Ratings) June 16, 2016--S&P Global Ratings said today that it assigned its '##-' debt rating to Wex Inc.'s planned term loan B facility. We are also assigning a recovery rating of '3' to this loan, reflecting our expectation for meaningful (50% to 70%; at the high end of the range) recovery in the event of a payment default. The size of the term loan B is being finalized, but we do not expect that the total revised credit facility's size will exceed an aggregate amount of $2.125 billion, as factored in our analysis. The revised credit facility will also consist of a term loan A and a revolving credit facility, which are also rated '##-' with a recovery rating of '3'. The company will use the proceeds to repay the existing revolver and term loan A, while the existing $400 million 4.75% senior notes due 2023 will remain outstanding. It will use the balance of the proceeds to partially fund the purchase of Electronic Funds Source LLC (EFS) (see "WEX Inc. Outlook Revised...
