MIAMI, June 28, 2021 (GLOBE NEWSWIRE) – International Money Express, Inc. (NASDAQ: IMXI), (“Intermex” or the “Company”), a leading money transfer service company, has announced today have finalized the refinancing of its existing secured debt by entering into a new secured term loan facility of $ 87.5 million, a revolving credit facility of $ 150 million and an additional uncommitted facility, which may be used for additional term loans 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 points. basis up to 300 basis points depending on the Company’s total leverage ratio. This new rate represents a significant reduction from the previous LIBOR rate 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 revolving credit facility of $ 45 million. Loans under the new revolving credit facility also bear interest at LIBOR plus 250 basis points up to 300 basis points based on the Company’s total leverage ratio, while the rate on the previous facility 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 enhanced credit facility gives us lower prices, increased flexibility to grow our core businesses, greater capital resources to add new products and services, and the ability to optimize our balance sheet in the next phase.” growth of our company, ”added Bende.
Safe Harbor Compliance Statement for Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. , which reflect our current views. regarding certain events that could affect our future performance, including, but not limited to, statements regarding the benefits of refinancing and our plans, objectives, financial performance, business strategies and expectations for the business of the Company. These statements relate to expectations regarding matters which are not historical facts and may include words or phrases such as “would”, “will”, “should”, “expects”, “believes”, “Anticipate”, “continue”, “,” may “,” could “,” plans “,” possible “,” potential “,” predict “,” projects “,” forecast “,” consider “,” presume “, “Estimates”, “about”, “must”, “our planning assumptions”, “future prospects” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking . These words and the negative and plural forms of such words and expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. All of these forward-looking statements are based in large part on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections regarding our business and our industry, as well as on macroeconomic conditions, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or from those currently anticipated. Although we believe that these expectations, assumptions, estimates, judgments and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond our control. our control. These and other important factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect the price of our shares. Accordingly, there can be no assurance that our expectations will be achieved or that our estimates or assumptions will be correct, and we caution investors and others not to place undue reliance on any such forward-looking statements. Some of the factors that could cause actual results to differ from those expressed or implied by forward-looking statements and could have a material adverse effect on our business, financial condition, results of operations, cash flows and our liquidity, including the COVID-19 pandemic, responses to it and its effects on the economy and the market, including unemployment levels and increased volatility in financial markets; competition in the markets in which we operate; exchange rate volatility which could affect the volume of consumer remittances and / or affect our foreign exchange gains and losses; cyber attacks or disruption to our information technology, computer network systems and data centers; our ability to maintain agent relationships on terms consistent with those currently in place; the credit risks of our agents and the financial institutions with which we do business; bank failures, persistent financial illiquidity or illiquidity of our clearing, cash management or custodial financial institutions; new technologies or competitors that disrupt the current ecosystem by introducing digital platforms; our ability to honor our debts and remain in compliance with our credit facility requirements; the interest rate risk associated with the elimination of the London Interbank Offered Rate (LIBOR) as the benchmark interest rate; our success in developing and introducing new products, services and infrastructure; customer confidence in our brand and in consumer money transfers in general; our ability to maintain compliance with the regulatory requirements of the jurisdictions in which we operate or plan to operate; international political factors or the implementation of tariffs, border taxes or restrictions on remittances or money transfers outside of the United States and Canada; changes in US tax laws; political instability, currency restrictions and volatility in the countries in which we operate or plan to operate; consumer fraud and other risks associated with customer authentication; weak US or international economic conditions; changes in immigration laws and their application; our ability to protect our brand and intellectual property rights; our ability to retain key personnel; and other economic, business and / or competitive factors, risks and uncertainties, including those described in the “Risk Factors” and “Management’s Explanation and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K for the fiscal year ended December 31, 2020. All statements other than statements of historical fact included in this press release are forward-looking statements, and all forward-looking statements made to or directed to us attributable are expressly qualified in their entirety by this warning. Any forward-looking statements we make in this press release speak only as of the date of this press release. We assume no obligation to update or revise or publicly announce any update or revision to any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise.
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 allows 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 provide cash flow to our shipper customers through our network of retailers in the United States and Canada, our company-operated stores, and online through our intermexonline.com app and website. We execute and pay for these transactions through thousands of outlets and banks 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.
Vice President of Investor Relations
Phone. : 305-671-8005