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Santander Bank Closes $142M Deal with WEX Inc.

December 10, 2019, 09:00 AM
Filed Under: FinTech
Related: Santander Bank

Santander Bank announced that its Commercial Banking division provided WEX Inc. (WEX) a $142 million participation commitment in connection with a $1.7 billion senior credit facility and acted as both joint lead arranger and joint bookrunner for a $1.3 billion Term Loan B facility. WEX is a leading financial technology service provider of payment processing and information management services in North America, South America, the Asia-Pacific region, and Europe. WEX works across a wide spectrum of sectors including fleet, travel and healthcare. The financing, completed in May, supported WEX’s acquisitions of Noventis, an innovative solution provider focusing on bill and invoice payment delivery, and Discovery Benefits, a leader in employee benefits administration. The Bank also entered into a currency hedging program for WEX’s subsidiary in Brazil.

“Our relationship with WEX is a great example of Santander’s ability to support our clients’ needs by leveraging both our capabilities in the U.S., as well as our best-in-class global network and service platforms,” said Robert Cerminaro, Market Director, New England Middle Market Banking at Santander Bank. “We look forward to being a long-term trusted advisor for WEX and delivering innovative ideas in support of their ongoing success.”

WEX is a South Portland, Maine-based company. It operates in more than 10 countries and in more than 20 currencies and has nearly 5,000 associates around the world.

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