-- Increases Total Revolving Credit Facility To $1.1 Billion --
-- Extends Maturity To October 2018 --
MIAMI--(BUSINESS WIRE)--Oct. 10, 2013--
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.
Source: World Fuel Services Corporation
World Fuel Services Corporation
Ira M. Birns, 305-428-8000
Executive
Vice President &
Chief Financial Officer
