International Money Express, Inc. Secures New Debt Facility to Drive Continued Growth, Refinances $88 Million Term Loan and Increases Revolver Capacity to $150 Million
June 28, 2021 at 08:30 am EDT
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International Money Express, Inc. 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.
International Money Express, Inc. is an omnichannel money remittance services company. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy and Germany; through Company-operated stores; its mobile application; and the Companyâs Websites. Its remittance services include a suite of ancillary financial processing solutions and payment services available in all 50 states in the United States, Washington D.C., Puerto Rico and 13 provinces in Canada. It offers money remittance services to LAC countries, mainly Mexico and Guatemala, and others. These services involve the movement of funds on behalf of an originating consumer for receipt by a designated beneficiary at a designated receiving location. The money remittance services enable consumers to send funds through its network of locations in the United States and Canada that are primarily operated by third-party businesses.
International Money Express, Inc. Secures New Debt Facility to Drive Continued Growth, Refinances $88 Million Term Loan and Increases Revolver Capacity to $150 Million
INTERNATIONAL MONEY EXPRESS, INC. 
