This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
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.