— Increases Total Credit Facilities to $2.1 Billion —
— Extends Maturity to October 2021 —
MIAMI--(BUSINESS WIRE)--Oct. 27, 2016--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161027006846/en/
Source: World Fuel Services Corporation
World Fuel Services Corporation
Ira M. Birns, Executive Vice
President & Chief Financial Officer
or
Glenn Klevitz Vice
President, Assistant Treasurer
305-428-8000
