Santander Closes $142 MM Deal with Wex Inc. and $120 MM Deal with The Eastern Company


Santander Bank Closes $142 Million Deal with WEX Inc.

Santander Bank today 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.

“Santander’s ability to provide a comprehensive financing structure to help us meet our requirements was critical to assisting us in generating additional revenue. The Bank’s international capabilities and boots on the ground in Brazil ensured a seamless process across geographies,” said Roberto Simon, Chief Financial Officer of WEX.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks and an active provider of capital, treasury management, risk management and international solutions. Santander earns the loyalty of its commercial banking clients by offering services that help them manage their operating needs, maximize their working capital and grow their businesses domestically and internationally. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe, and Latin America. For more information, please visit www.santanderbank.com/us/commercial.

Santander Bank Closes $120 Million Deal with The Eastern Company

Santander Bank today announced that its Commercial Banking division served as the Administrative Agent and Sole Lead Arranger on a $120 million revolving credit and term loan facility to The Eastern Company (“EML”), a leading industrial metal products manufacturer spanning the hardware, security products and metal castings segments.     

The credit financing will further strengthen and strategically support EML’s acquisition program, including its purchase of Big 3 Precision Products, Inc., a niche industry leader in turnkey packaging solutions.  

“The Eastern Company’s multifaceted business epitomizes the type of client that will benefit from our expertise and experience to seamlessly serve all banking and financing needs both in the U.S. and abroad,” said Robert Cerminaro, Market Director, New England Middle Market Banking at Santander Bank.  “We appreciate the opportunity to support The Eastern Company and look forward to building our partnership in support of the company’s short and long term strategic business objectives.”

The Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to niche markets.  EML is based in Naugatuck, Connecticut with operations throughout the US, Canada, the UK, Mexico, Taiwan and China.

“Santander’s global reach, timely market advice and unique insights make them the perfect partner to successfully support our aggressive growth strategy. We look forward to working with their team as we continue to grow our business.” said John L. Sullivan III, Chief Financial Officer and Vice President of The Eastern Company.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks and an active provider of capital, treasury management, risk management and international solutions. Santander earns the loyalty of its commercial banking clients by offering services that help them manage their operating needs, maximize their working capital and grow their businesses domestically and internationally. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe, and Latin America. For more information, please visit www.santanderbank.com/us/commercial.