UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) |
February 26, 2014 (February 20, 2014) |
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WEX INC. |
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(Exact name of registrant as specified in its charter) |
| Delaware | 001-32426 | 01-0526993 | ||
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(State or other jurisdiction of |
(Commission File Number) | (IRS Employer Identification No.) |
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97 Darling Avenue, South Portland, ME |
04106 |
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| Address of principal executive offices | Zip Code | |
| Registrant's telephone number, including area code | (207) 773-8171 |
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(Former name or former address if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On February 20, 2014, WEX Inc. (the "Company") purchased put option contracts and sold call option contracts, designed to be a costless collar, on the wholesale price of gasoline and the retail price of diesel fuel with Wells Fargo Bank, N.A. (collectively, the "Contracts"). The Contracts have an aggregate notional amount of 12,988,761 gallons of gasoline and diesel fuel and will expire on a monthly basis during the first three quarters of 2015. The settlement of the Contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygenate Blending and the U.S. Department of Energy's weekly retail on-highway diesel fuel price for the month. The Contracts lock in a weighted average retail floor price of approximately $3.39 per gallon and a weighted average retail ceiling price of approximately $3.45 per gallon.
On February 26, 2014, the Company issued a news release announcing these transactions.
Item 8.01 Other Events.
On February 26, 2014, the Company issued a news release entitled "WEX Extends Its Existing Fuel-Price Risk Management Program." A copy of the press release is furnished as exhibit 99.1 and is incorporated by reference in its entirety.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | News release of WEX Inc. dated February 26, 2014 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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WEX INC. |
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| Date: February 26, 2014 | By: |
/s/ Steven A. Elder |
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Steven A. Elder |
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Senior Vice President and Chief Financial |
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WEX INC.
CURRENT REPORT ON FORM 8-K
Report Dated February
26, 2014
EXHIBIT INDEX
| Exhibit No. | Description | |
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99.1 |
News release of WEX Inc. dated February 26, 2014 |