MIAMI, August 29, 2024 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: NASDAQ:), (Intermex or the Company) a leading omni-channel remittance company, is pleased to announce the successful refinancing of its secured debt through the establishment of a new $425 million revolving credit facility. The new credit agreement provides for US Dollar, Euro, and Pound Sterling revolving loans and creates additional credit facilities that may be used for additional term or revolving loans of up to $100 million in the aggregate.
The new revolving credit facility, which will mature in 2029, has an interest rate equal to the SOFR plus 175 to 225 basis points based on the Company’s total leverage ratio. The new agreement represents an increase of $133 million in the availability of credit in a better spread in SOFR. The agreement on the new revolving facility also provides the Company with increased operational flexibility, including expanded capacity for share repurchases and merger and acquisition activities. Intermex has used a portion of the new facility to repay $72 million in existing debt and to pay costs associated with establishing a new revolving credit facility.
“Securing this facility underscores the confidence we have in Intermex’s debt capital markets and omnichannel strategy to serve the $156 billion Latin American market and beyond.” said Andras Bende, Chief Financial Officer. “This new and improved credit facility provides more efficient and flexible funding to meet our needs, allowing us to optimize our balance sheet during our next phase of growth.
In addition, Intermex’s Board of Directors has approved additional authorization for the Company’s share repurchase program. This increase brings the current authorization total to $100 million, up from $39.4 million remaining at the end of the second quarter. Under this authority, the Board has approved the repurchase of up to $20 million of shares in each of the third and fourth quarters of 2024.
“Based on the strong performance and the confidence we have in the future of the omnichannel strategy, the Board of Directors and the management team believe that the repurchase of the Company’s common shares is an attractive investment opportunity and a wise use of capital at this time,” he said. comments Bob Lisy, Chairman of the Board, CEO, and President. “Our strong liquidity position will allow us to generate value for our shareholders through share repurchases while we continue to develop new products and services, investing in the future of the Company. Lisy added.
Safe Harbor Compliance Statement for Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect our current views on certain events that are not historical facts but may have an impact on future performance , including but not limited to, statements regarding plans, objectives, financial performance, business strategies, projected operating results, restructuring initiatives and expectations for the Company. These statements may include and be identified by words or phrases such as, without limitation, will, will, should, expect, believe, anticipate, continue, could, could, could, plan, could, potential, predict, project, forecast, intend. , assume, estimate, estimate, will, planning assumption, future prospects, present, target, guidance, and similar expressions (including the negative and plural forms of these words and phrases). These forward-looking statements are based on information currently available to management and expectations, assumptions, plans, estimates, judgments, projections about our business and industry, and macroeconomic conditions, and are subject to various risks, uncertainties, estimates. , contingencies, and other factors, many of which are beyond our control, that may cause actual results to differ from those expressed or implied by such forward-looking statements and may adversely affect our business, financial condition, results of operations, cash flows. , and liquidity. These factors include, among others, changes in applicable laws or regulations; factors related to our business, operations and financial performance, including: loss of, or reduction in business with, key shipping agents; our ability to compete effectively in the markets in which we operate; economic factors such as inflation, economic activity levels, recession risks and labor market conditions, as well as raising interest rates; international political factors, political instability, tariffs, border taxes or restrictions on remittances or transfers from outbound countries in which we operate or plan to operate; volatility in foreign exchange rates that may affect the volume of consumer goods shipping activity and/or affect gains and losses related to foreign exchange; public health conditions, responses and economic and market effects; consumer confidence in our brand and in consumer money transfers generally; expansion into new geographic or product markets; our ability to successfully execute, manage, integrate and realize the anticipated financial benefits of major acquisitions and mergers; risk management capabilities and compliance policies, procedures and systems to mitigate risks associated with transaction monitoring; consumer fraud and other risks related to the authenticity of customer orders or improper or illegal use of services by consumers or sending agents; cybersecurity-attacks or disruptions to information technology, computer network systems, data centers and mobile device applications; new or competing technologies that disrupt the current money transfer and payment ecosystem, including the introduction of new digital platforms; our success in developing and introducing new products, services and infrastructure; our ability to maintain good banking and paying agent relationships necessary to conduct business; bank failure, fixed financial illiquidity, or illiquidity in clearing, cash management or custodian financial institution with which we do business; regulatory changes and banking industry practices; credit risk from our agents and financial institutions with whom we do business; our ability to recruit and retain key personnel; our ability to maintain compliance with applicable laws and regulatory requirements, including those intended to prevent the use of remittance services for criminal activity, related to data and cyber security protection, and related to new business initiatives; enforcement actions and private litigation under regulations applicable to remittance services; changes in immigration laws and their enforcement; changes in tax laws in the countries in which we operate; our ability to protect our intellectual property rights; our ability to satisfy our debt obligations and remain in compliance with the terms of our credit facilities; we use third party vendors and service providers; weakness in U.S. or international economic conditions; and other economic, business, and/or competitive factors, risks and uncertainties, including those described in Risk Factors and other sections of periodic reports and other filings filed with the Securities and Exchange Commission. Accordingly, we caution investors and all others not to place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date the statement is made and we undertake no obligation to update any forward-looking statement. In addition, the increased share repurchase authorization does not obligate the Company to repurchase common stock during any period and the program may be modified or terminated at any time in the Company’s sole discretion. Share repurchases may be made from time to time and the actual amount repurchased will depend on various factors including market conditions, cash flow, and liquidity needs, regulatory and legal requirements, and other factors.
Information about the company International Money Express, Inc.
Founded in 1994, Intermex applies proprietary technology that allows consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom, and Germany to more than 60 countries. The company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy, England and Germany; Company-operated stores; our mobile app; and the Company’s website. Transactions are carried out and paid through thousands of store locations and banks worldwide. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, visit www.intermexonline.com.
Investor Relations:
Alex Sadowski
Investor Relations Coordinator
phone: 305-671-8000
ir@intermexusa.com
