World Fuel Services Corporation Amends Credit Facility
October 27 2016 - 4:15PM
Business Wire
— Increases Total Credit Facilities to $2.1
Billion —
— Extends Maturity to October 2021 —
World Fuel Services Corporation (NYSE: INT) announced today that
it has successfully amended its credit facility, increasing the
size of the facility, which includes a revolving credit facility
and term loan, by approximately $500 million to $2.1 billion. The
company also extended the term of the credit facility to October
2021.
“The transaction was substantially oversubscribed and ahead of
initial expectations, which emphasizes the global banking
community’s confidence in our long-term strategy,” said Ira M.
Birns, executive vice president and chief financial officer of
World Fuel Services Corporation. “Execution of this amendment to
our credit facility, including more favorable terms, will further
enhance our liquidity profile for the next five years, providing
even greater flexibility to invest in strategic growth
initiatives.”
“We appreciate the strong, ongoing support of our bank group and
welcome seven new banks which have joined our facility,” said
Adrienne Bolan, senior vice president and treasurer, “and we look
forward to strengthening these valuable relationships as we
continue to grow our business.”
Bank of America Merrill Lynch, HSBC Bank USA, National
Association and Wells Fargo Securities, LLC served as joint lead
arrangers in connection with the transaction. TD Bank, N.A.,
Citibank, N.A., JPMorgan Chase Bank, N.A., Mizuho Bank, N.A. and
Sumitomo Mitsui Banking Corporation 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 future
growth, liquidity profile and 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 16, 2016. 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 outcome of pending
litigation and other proceedings, 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 global
fuel logistics, transaction management and payment processing
company, principally engaged in the distribution of fuel and
related products and services in the aviation, marine and land
transportation industries. 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, residential 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161027006846/en/
World Fuel Services CorporationIra M. Birns, Executive Vice
President & Chief Financial OfficerorGlenn Klevitz Vice
President, Assistant Treasurer305-428-8000
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