MIAMI, June 28, 2021 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) 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.
About International Money Express, Inc.
At International Money Express, Inc. (NASDAQ: IMXI), the customer is at the center of everything we do. We use proprietary technology that enables consumers to send money from the United States and Canada to 17 countries in Latin America, including Mexico and Guatemala, seven countries in Africa, and two countries in Asia. We offer the movement of money for our sending customers through our network of agent retailers in the US and Canada, our company-operated stores, and online through our app, and our website intermexonline.com. We execute and pay these transactions through thousands of retail and bank locations in Latin America, Africa, and Asia. The Company was founded in 1994 and is headquartered in Miami, Florida with international offices in Puebla, Mexico, and Guatemala City, Guatemala.
