International Money Express Increases Revolving Credit Facility to $220 Million
International Money Express, Inc. (NASDAQ: IMXI) has announced an amendment to its revolving credit facility, increasing the maximum borrowing amount from $150 million to $220 million. The new terms and interest rates remain unchanged, with the facility set to mature in 2026.
Additionally, the amendment introduces an uncommitted incremental capacity of $70 million, available for future borrowing. The CFO, Andras Bende, stated that this financial flexibility could support organic growth and potential mergers and acquisitions, as well as facilitate opportunistic share buybacks.
Intermex operates a network for money remittance across more than 60 countries, using proprietary technology since its inception in 1994.
- Increased maximum borrowing capacity to $220 million enhances financial flexibility.
- Additional $70 million uncommitted incremental capacity supports potential future growth.
- CFO highlights opportunities for organic growth and share buybacks.
- None.
MIAMI, April 19, 2023 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), ("Intermex" or the "Company"), a leading money remittance services company, today announced the Company has amended its revolving credit facility under its syndicated credit agreement with KeyBank National Association as administrative agent to increase the maximum borrowing amount to
Loans under the amended revolving credit facility, maturing in 2026, are under the same terms and bear the same interest rates as prior to the amendment.
In conjunction with the increased revolver capacity, the amendment also provides the Company with an additional
"The upsized revolver and additional
About International Money Express, Inc.
Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, and Europe to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, and Europe; Company-operated stores; mobile app; and via the Company's website. Transactions are fulfilled and paid through thousands of retail and bank locations worldwide. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.
Safe Harbor Compliance Statement for Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which reflect our current views concerning certain events that are not historical facts but could affect our future performance, including but without limitation, statements regarding our plans, objectives, financial performance, business strategies, projected results of operations, and expectations for the Company. These statements may include and be identified by words or phrases, without limitation, such as “would,” “will,” “should,” “expects,” “believes,” “anticipates,” “continues,” “could,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “forecasts,” “intends,” “assumes,” “estimates,” “approximately,” “shall,” “our planning assumptions,” “future outlook,” “currently,” “target,” “guidance” and similar expressions (including the negative and plural forms of such words and phrases). Our forward-looking statements are based largely on information currently available to our management and our current expectations, assumptions, plans, estimates, judgments, projections about our business and our industry, and macroeconomic conditions, and are subject to various risks, uncertainties, estimates, contingencies, and other factors, many of which are beyond our control, that could cause actual results to differ from those expressed or implied by the forward-looking statements and could materially adversely affect our business, financial condition, results of operations, cash flows, and liquidity. Such factors include, economic factors such as inflation, the level of economic activity and labor market conditions, as well as rising interest rates; public health conditions, responses thereto and the economic and market effects thereof; competition in the markets in which we operate; volatility in foreign exchange rates that could affect the volume of consumer remittance activity and/or affect our foreign exchange related gains and losses; our ability to maintain favorable agent relationships; credit risks from our agents and the financial institutions with which we do business; bank failures, sustained financial market illiquidity or financial institution illiquidity; new technology or competitors such as digital platforms; cyber-attacks or disruptions to our information technology, computer network systems, data centers and phone apps; our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; customer confidence in our brand and in consumer money transfers generally; our ability to maintain compliance with applicable regulatory requirements; international political factors, political stability, tariffs, border taxes or restrictions on remittances or transfers; currency restrictions and volatility in countries in which we operate or plan to operate; consumer fraud and other risks relating to the authenticity of customers’ orders; changes in immigration laws and their enforcement; our ability to protect intellectual property rights; our ability to recruit and retain key personnel; and other factors, risks and uncertainties, including those described in the “Risk Factors” and other sections of periodic reports that we file with the Securities and Exchange Commission. Accordingly, we caution investors and all others not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date such statement is made and we undertake no obligation to update any of the forward-looking statements.
Investor Relations:
Mike Gallentine
Vice President of Investor Relations
tel: 305-671-8005
mgallentine@intermexusa.com
FAQ
What is the new maximum borrowing amount for International Money Express (IMXI)?
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How much additional uncommitted capacity has been added to IMXI's credit facility?
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