Wex (WEX) said Tuesday it launched a $500 million offering of new senior unsecured notes due 2033 via a private offering.

The company plans to use the net proceeds, including cash on hand and borrowings under a new term loan B facility, to finance a tender offer to acquire its outstanding common shares for up to $750 million, and to repay roughly $250 million outstanding under the revolving part of its senior secured credit facilities, Wex added.

Shares of the company were up 6.2% in recent Tuesday trading.