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International Money Express, Inc. Secures $425 Million Credit Facility

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International Money Express (NASDAQ: IMXI) has secured a new $425 million revolving credit facility, refinancing its existing secured debt. The facility, maturing in 2029, offers improved terms and increased flexibility. Key features include:

- $133 million increase in credit availability
- Improved spreads over SOFR
- Expanded capacity for share repurchases and M&A activity
- Option for additional $100 million in loans

Intermex has used part of the facility to repay its $72 million term loan. Additionally, the Board has increased the share repurchase authorization to $100 million, approving up to $20 million in repurchases for each of Q3 and Q4 2024.

International Money Express (NASDAQ: IMXI) ha ottenuto un nuovo prestito rotativo di $425 milioni, rifinanziando il suo debito garantito esistente. Il prestito, in scadenza nel 2029, offre condizioni migliorate e maggiore flessibilità. Caratteristiche principali includono:

- Aumento di $133 milioni nella disponibilità di credito
- Spread migliorati rispetto al SOFR
- Capacità ampliata per riacquisti di azioni e attività di M&A
- Opzione per ulteriori $100 milioni in prestiti

Intermex ha utilizzato parte del prestito per rimborsare il suo prestito a termine di $72 milioni. Inoltre, il Consiglio ha aumentato l'autorizzazione al riacquisto delle azioni a $100 milioni, approvando fino a $20 milioni in riacquisti per ciascun Q3 e Q4 2024.

International Money Express (NASDAQ: IMXI) ha conseguido un nuevo facilidad de crédito rotativo de $425 millones, refinanciando su deuda garantizada existente. La facilidad, que vencerá en 2029, ofrece términos mejorados y mayor flexibilidad. Las características clave incluyen:

- Aumento de $133 millones en la disponibilidad de crédito
- Mejores márgenes sobre SOFR
- Capacidad ampliada para recompras de acciones y actividades de fusiones y adquisiciones
- Opción para $100 millones adicionales en préstamos

Intermex ha utilizado parte de la facilidad para pagar su préstamo a plazo de $72 millones. Además, la Junta ha aumentado la autorización de recompra de acciones a $100 millones, aprobando hasta $20 millones en recompras para cada uno de los Q3 y Q4 de 2024.

인터내셔널 머니 익스프레스(NASDAQ: IMXI)는 4억 2500만 달러 규모의 회전 신용 시설을 확보하여 기존 보장된 부채를 재융자하였습니다. 이 시설은 2029년에 만료되며, 개선된 조건과 더 큰 유연성을 제공합니다. 주요 특징은 다음과 같습니다:

- 신용 가용성이 1억 3300만 달러 증가
- SOFR에 대한 개선된 스프레드
- 자사주 매입 및 M&A 활동을 위한 확장된 용량
- 추가로 1억 달러의 대출 옵션

인터멕스는 이 시설의 일부를 사용하여 7200만 달러의 만기 대출을 상환하였습니다. 또한 이사회는 자사주 매입 승인을 1억 달러로 증가시켰으며 2024년 Q3 및 Q4 각각 최대 2000만 달러의 매입을 승인하였습니다.

International Money Express (NASDAQ: IMXI) a sécurisé une ligne de crédit renouvelable de 425 millions de dollars, refinançant sa dette garantie existante. La ligne, qui arrive à échéance en 2029, offre des conditions améliorées et une flexibilité accrue. Les caractéristiques clés incluent :

- Augmentation de 133 millions de dollars de la disponibilité de crédit
- Amélioration des spreads par rapport au SOFR
- Capacité élargie pour les rachats d'actions et les activités de fusions et acquisitions
- Option pour 100 millions de dollars supplémentaires en prêts

Intermex a utilisé une partie de cette ligne pour rembourser son prêt à terme de 72 millions de dollars. De plus, le Conseil a augmenté l'autorisation de rachat d'actions à 100 millions de dollars, approuvant jusqu'à 20 millions de dollars de rachats pour chaque trimestre Q3 et Q4 de 2024.

International Money Express (NASDAQ: IMXI) hat eine neue 425 Millionen Dollar revolvierende Kreditfazilität sichergestellt und seine bestehende gesicherte Schulden refinanziert. Die Fazilität läuft 2029 aus und bietet verbesserte Bedingungen und erhöhte Flexibilität. Zu den wichtigsten Merkmalen gehören:

- Erhöhung der Kreditausweitung um 133 Millionen Dollar
- Verbesserte Spreads über SOFR
- Erweiterte Kapazität für Aktienrückkäufe und M&A-Aktivitäten
- Option auf zusätzliche 100 Millionen Dollar an Krediten

Intermex hat einen Teil der Fazilität genutzt, um sein 72-Millionen-Dollar-Darlehen zurückzuzahlen. Darüber hinaus hat der Vorstand die Genehmigung für den Rückkauf von Aktien auf 100 Millionen Dollar erhöht und genehmigt, bis zu 20 Millionen Dollar an Rückkäufen für jedes der Q3 und Q4 2024.

Positive
  • Secured a larger $425 million revolving credit facility, increasing credit availability by $133 million
  • New facility offers improved spreads over SOFR, potentially reducing interest expenses
  • Expanded capacity for share repurchases and M&A activity, providing greater financial flexibility
  • Increased share repurchase authorization to $100 million, with $20 million approved for each of Q3 and Q4 2024
  • Option for additional $100 million in loans through an uncommitted incremental credit facility
Negative
  • None.

Insights

Intermex's new $425 million revolving credit facility marks a significant improvement in the company's financial flexibility. The increased credit availability of $133 million at better SOFR spreads indicates strong lender confidence. This facility, maturing in 2029, provides Intermex with enhanced capacity for share repurchases and M&A activities, potentially accelerating growth.

The expanded share repurchase program, now totaling $100 million, signals management's confidence in the company's valuation and future prospects. With $20 million approved for repurchases in each of Q3 and Q4 2024, this could provide near-term support for the stock price.

However, investors should monitor the company's leverage and ensure that the increased financial flexibility translates into tangible growth and shareholder value creation in the competitive money remittance market.

Intermex's strategic moves reflect its ambition to capitalize on the $156 billion Latin America remittance market. The company's omnichannel strategy positions it well in this growing sector, with the new credit facility providing the financial muscle to expand market share and potentially enter new geographies.

The ability to borrow in multiple currencies (USD, EUR, GBP) aligns with the international nature of the remittance business, potentially reducing currency risk and transaction costs. This could enhance Intermex's competitiveness in key corridors.

Investors should watch for Intermex's market share growth and any new product or service launches facilitated by this increased financial flexibility. The company's performance relative to fintech disruptors and traditional remittance players will be important in assessing the success of its strategy.

MIAMI, Aug. 29, 2024 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), (“Intermex” or the “Company”) a leading, omni-channel money remittance company, is pleased to announce the successful refinancing of its existing secured debt through the establishment of a new $425 million revolving credit facility. The new credit agreement provides for U.S. Dollar, Euro, and Pound Sterling revolving loans and creates an uncommitted incremental credit facility that may be used for additional term or revolving loans of up to $100 million in the aggregate.

The new revolving credit facility, maturing in 2029, bears an interest rate equal to SOFR plus 175 to 225 basis points based on the Company’s total leverage ratio. The new agreement represents a $133 million increase in credit availability at improved spreads over SOFR. The covenants under the new revolving facility also provide the Company with increased operational flexibility, including expanded capacity for share repurchases and merger and acquisition activity. Intermex has utilized a portion of the new facility to repay its existing $72 million term loan and to pay the costs associated with establishing the new revolving credit facility.

"Securing this facility underscores the confidence the debt capital market has in Intermex and our omnichannel strategy to serve the $156 billion Latin America market and beyond." said Andras Bende, Chief Financial Officer. "This new, improved credit facility provides more efficient and flexible financing to support our needs, allowing us to optimize our balance sheet during our next phase of growth.”

In addition, the Intermex Board of Directors has approved an added authorization for the Company’s share repurchase program. This increase brings the total current authorization to $100 million, up from $39.4 million remaining at the end of the second quarter. Under this authorization, the Board has approved share repurchases of up to $20 million in each of the third and fourth quarters of 2024.

"Based on our continued strong performance and the confidence we have in the future of our omnichannel strategy, the Board of Directors and management team believes that repurchasing the Company’s common stock is an attractive investment opportunity and prudent use of our capital at this time," commented Bob Lisy, Chairman of the Board, CEO, and President. "Our strong liquidity position will enable us to return value to shareholders through stock repurchases while we continue to develop new products and services, investing in the Company’s future.” 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, which reflect our current views concerning certain events that are not historical facts but could have an effect on our future performance, including but without limitation, statements regarding our plans, objectives, financial performance, business strategies, projected results of operations, restructuring initiatives and expectations for the Company. These statements may include and be identified by words or phrases such as, without limitation, “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). These 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 outside our control, that could cause actual results to differ from those expressed or implied by such forward-looking statements and could materially adversely affect our business, financial condition, results of operations, cash flows, and liquidity. Such factors include, among others, changes in applicable laws or regulations; factors relating to our business, operations and financial performance, including: loss of, or reduction in business with, key sending agents; our ability to effectively compete in the markets in which we operate; economic factors such as inflation, the level of economic activity, recession risks and labor market conditions, as well as rising interest rates; international political factors, political instability, tariffs, border taxes or restrictions on remittances or transfers from the outbound countries in which we operate or plan to 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; public health conditions, responses thereto and the economic and market effects thereof; consumer confidence in our brands and in consumer money transfers generally; expansion into new geographic markets or product markets; our ability to successfully execute, manage, integrate and obtain the anticipated financial benefits of key acquisitions and mergers; the ability of our risk management and compliance policies, procedures and systems to mitigate risk related to transaction monitoring; consumer fraud and other risks relating to the authenticity of customers’ orders or the improper or illegal use of our services by consumers or sending agents; cybersecurity-attacks or disruptions to our information technology, computer network systems, data centers and mobile devices apps; new technology or competitors 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 favorable banking and paying agent relationships necessary to conduct our business; bank failures, sustained financial illiquidity, or illiquidity at the clearing, cash management or custodial financial institutions with which we do business; changes to banking industry regulation and practice; credit risks from our agents and the financial institutions with which 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 use of our money remittance services for criminal activity, those related to data and cyber-security protection, and those related to new business initiatives; enforcement actions and private litigation under regulations applicable to the money remittance services; changes in immigration laws and their enforcement; changes in tax laws in the countries in which we operate; our ability to protect intellectual property rights; our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; our use of 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 the “Risk Factors” and other sections of periodic reports and other filings 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. In addition, the increased stock repurchase authorization does not obligate the Company to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. Stock repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including market conditions, cash flow, and liquidity needs, regulatory and legal requirements, and other factors.

About International Money Express, Inc.
Founded in 1994, Intermex applies proprietary technology enabling 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, the United Kingdom and Germany; Company-operated stores; our mobile app; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. 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, please visit www.intermexonline.com.

Investor Relations:
Alex Sadowski
Investor Relations Coordinator
tel: 305-671-8000
ir@intermexusa.com


FAQ

What is the size of International Money Express's (IMXI) new credit facility?

International Money Express (IMXI) has secured a new $425 million revolving credit facility.

How does the new credit facility compare to IMXI's previous debt?

The new facility represents a $133 million increase in credit availability and offers improved spreads over SOFR compared to the previous debt.

What is the maturity date of IMXI's new revolving credit facility?

The new revolving credit facility for International Money Express (IMXI) matures in 2029.

How much has IMXI increased its share repurchase authorization?

IMXI has increased its share repurchase authorization to $100 million, up from $39.4 million remaining at the end of the second quarter.

What is the approved share repurchase amount for IMXI in Q3 and Q4 2024?

IMXI's Board has approved share repurchases of up to $20 million in each of the third and fourth quarters of 2024.

International Money Express, Inc.

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