World Fuel Services Corporation Amends, Expands and Extends Credit Facility
April 04 2022 - 5:05PM
Business Wire
---Increases Total Liquidity and Extends
Maturity to April 2027---
World Fuel Services Corporation (NYSE: INT) today announced that
it has successfully amended its unsecured credit facility,
increasing the overall facility to $2 billion and extending the
term of the credit facility to April 2027.
“We greatly appreciate the relationships we have with all of our
lenders and their continued support of our business and our vision
for the future,” stated Ira M. Birns, executive vice president and
chief financial officer of World Fuel Services Corporation. “The
increase in the size of the credit facility and improved covenant
provisions will provide additional financial flexibility in support
of our strategic growth objectives.”
Bank of America, N.A. is the Administrative Agent and Bank of
America, N.A., JPMorgan Chase Bank, N.A., TD Bank, N.A., Wells
Fargo Bank, N.A., and HSBC Bank USA, N.A. served as joint lead
arrangers in connection with the transaction.
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 beliefs and expectations with
respect to our financial flexibility and our ability to execute on
our strategic growth objectives and return capital to our
shareholders. These forward-looking statements are qualified in
their entirety by cautionary statements and risk factor disclosures
contained in our Securities and Exchange Commission (“SEC”)
filings, including our most recent Annual Report on Form 10-K filed
with the SEC. Actual results may differ materially from any
forward-looking statements due to risks and uncertainties,
including, but not limited to: our ability to capitalize on new
market opportunities, our ability to successfully implement our
growth strategy and integrate acquired businesses and recognize the
anticipated benefits, potential liabilities, limited indemnities
and the extent of any insurance coverage, our ability to
effectively manage the effects of the COVID-19 pandemic, the extent
of the impact of the pandemic on ours and our customers' sales,
profitability, operations and supply chains due to actions taken by
governments and businesses to contain the virus, customer and
counterparty creditworthiness and our ability to collect accounts
receivable and settle derivative contracts, sudden changes in the
market price of fuel or extremely high or low fuel prices that
continue for an extended period of time, the availability of cash
and sufficient liquidity to fund our working capital and strategic
investment needs, any global economic impacts or other significant
volatility that may arise from geopolitical events, wars and other
civil unrest, adverse conditions in the markets or industries in
which we or our customers and suppliers operate, such as the
current global economic environment as a result of the coronavirus
pandemic, our ability to manage the changes in supply and other
market dynamics in the regions where we operate, our failure to
comply with restrictions and covenants in our senior revolving
credit facility and our senior term loans, including our financial
covenants, our ability to successfully execute and achieve
efficiencies, our ability to achieve the expected level of benefit
from any restructuring activities and cost reduction initiatives,
inflationary pressures and its impact on our customers or the
global economy, unanticipated tax liabilities or adverse results of
tax audits, assessments, or disputes, our ability to capitalize on
new market opportunities, risks related to the complexity of the
U.S. and foreign tax legislation and any subsequently issued
regulations and our ability to accurately predict the impact on our
effective tax rate and future earnings, our ability to effectively
leverage technology and operating systems and realize the
anticipated benefits, actions that may be taken under the current
administration in the U.S. that increase costs or otherwise
negatively impact ours or our customers and suppliers businesses,
the outcome of pending litigation and other proceedings, the impact
of quarterly fluctuations in results, particularly as a result of
seasonality, our failure to effectively hedge certain financial
risks associated with the use of derivatives, uninsured losses, the
impact of climate change and natural disasters, adverse results in
legal disputes, our ability to retain and attract senior management
and other key employees, and other risks detailed from time to time
in our 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, except as
required by law.
About World Fuel Services
Corporation
Headquartered in Miami, Florida, World Fuel Services is a global
energy management company involved in providing energy procurement
advisory services, supply fulfillment and transaction and payment
management solutions to commercial and industrial customers,
principally in the aviation, marine and land transportation
industries. World Fuel Services also offers natural gas and
electricity, as well as energy advisory services, including
programs for carbon offsets, sustainability solutions and renewable
energy alternatives. 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.
For more information, visit www.wfscorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220404005952/en/
Ira M. Birns, Executive Vice President & Chief Financial
Officer
Glenn Klevitz Vice President, Treasurer & Investor Relations
305-428-8000
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