World Fuel Services Corporation Amends Credit Facility
October 10 2013 - 5:00PM
Business Wire
-- Increases Total Revolving Credit Facility
To $1.1 Billion --
-- Extends Maturity To October 2018
--
World Fuel Services Corporation (NYSE: INT), a leading global
fuel logistics company, principally engaged in the marketing, sale
and distribution of aviation, marine and land fuel products and
related services, announced today that it has successfully expanded
its existing revolving credit facility. The amended facility
increases the maximum availability under the facility from $800
million to $1.1 billion and extends the facility maturity date by
more than two years to October 2018. The facility contains an
accordion feature whereby it can be expanded to $1.25 billion under
certain conditions. The Company also extended the maturity of its
existing $243 million term loan to October 2018.
Borrowings under the credit facility and the term loan will
continue to bear interest at a tiered structure based on certain
financial covenants, which is at a current rate of LIBOR plus 2.0%
per annum. The amended revolving credit facility may be used for
borrowings for working capital needs and general corporate purposes
as well as the issuance of standby and documentary letters of
credit.
“We are very pleased to complete the amendment to our credit
facility, which was significantly oversubscribed. The amended
facility, which includes more favorable terms, will further enhance
our capital structure and liquidity profile, providing even greater
flexibility to execute on our strategic growth initiatives,” said
Ira M. Birns, executive vice president and chief financial officer
of World Fuel Services Corporation.
“We are appreciative of the continued support demonstrated by
our existing global bank group as well as several new lenders. The
success of this transaction reflects our banks’ continued
confidence in our dynamic business model,” said Adrienne B. Urban,
vice president and treasurer of World Fuel Services
Corporation.
Bank of America Merrill Lynch, Wells Fargo Securities, LLC and
HSBC Bank USA, National Association served as joint lead arrangers
in connection with the transaction. RBS Citizens, N.A., TD Bank,
N.A. and Citibank, N.A. served as co-documentation agents.
Information Relating to Forward-Looking
Statements
This release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding our expectations about our capital
structure and liquidity profile and our ability to execute on
strategic growth initiatives. These forward-looking statements are
qualified in their entirety by cautionary statements and risk
factor disclosures contained in the company’s Securities and
Exchange Commission (“SEC”) filings, including the company’s Annual
Report on Form 10-K filed with the SEC on February 21, 2013. Actual
results may differ materially from any forward-looking statements
due to risks and uncertainties, including, but not limited to: our
ability to effectively integrate and derive benefits from acquired
businesses, our ability to capitalize on new market opportunities,
potential liabilities and the extent of any insurance coverage, the
impact of quarterly fluctuations in results, the creditworthiness
of our customers and counterparties and our ability to collect
accounts receivable, fluctuations in world oil prices or foreign
currency, changes in political, economic, regulatory, or
environmental conditions, adverse conditions in the markets or
industries in which we or our customers and suppliers operate, our
failure to effectively hedge certain financial risks associated
with the use of derivatives, non-performance by counterparties or
customers on derivatives contracts, loss of, or reduced sales, to a
significant government customer, uninsured losses, the impact of
natural disasters, adverse results in legal disputes, unanticipated
tax liabilities, our ability to retain and attract senior
management and other key employees and other risks detailed from
time to time in the company’s SEC filings. New risks emerge from
time to time and it is not possible for management to predict all
such risk factors or to assess the impact of such risks on our
business. Accordingly, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, changes in expectations, future events,
or otherwise.
About World Fuel Services
Corporation
Headquartered in Miami, Florida, World Fuel Services is a
leading global fuel logistics company, principally engaged in the
marketing, sale and distribution of aviation, marine and land fuel
products and related services on a worldwide basis. World Fuel
Services sells fuel and delivers services to its clients at more
than 8,000 locations in more than 200 countries and territories
worldwide.
The company's global team of market makers provides deep domain
expertise in all aspects of aviation, marine and land fuel
management. Aviation customers include commercial airlines, cargo
carriers, private aircraft and fixed base operators (FBOs), as well
as the United States and foreign governments. World Fuel Services'
marine customers include international container and tanker fleets,
cruise lines and time-charter operators, as well as the United
States and foreign governments. Land customers include petroleum
distributors, retail petroleum operators, and industrial,
commercial, and government accounts. The company also offers
transaction management services which consist of card payment
solutions and merchant processing services to customers in the
aviation, marine and land transportation industries. For more
information, call 305-428-8000 or visit www.wfscorp.com.
World Fuel Services CorporationIra M. Birns,
305-428-8000Executive Vice President &Chief Financial
Officer
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