UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 18, 2003
COMMISSION FILE NUMBER 1-9533
WORLD FUEL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
Florida | 59-2459427 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | |
9800 N.W. 41st Street, Suite 400 Miami |
33178 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (305) 428-8000
Item 5. Other Events and Regulation FD Disclosure
On December 18, 2003, World Fuel Services Corporation (the Company) announced that it has entered into an agreement with Morgan Stanley Capital Group and United Airlines to provide back-office processing and other services for a number of third-party supply contracts held by United with flag carriers fueling at hub airports in the United States. See Exhibit No. 99.1 for the press release.
On December 19, 2003, the Company announced that it has agreed to replace its existing $40 million revolving credit facility with a new three-year $100 million syndicated revolving credit facility, arranged by LaSalle Bank N.A with HSBC Bank USA, Merrill Lynch, Commercebank N.A. and Israel Discount Bank of New York. This new credit facility will be used for capital expenditures, working capital and other general business purposes. See Exhibit No. 99.2 for the press release.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. |
Description | |||
99.1 | Press Release dated December 18, 2003 | |||
99.2 | Press Release dated December 19, 2003 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 19, 2003 |
World Fuel Services Corporation | |||
/s/ Michael J. Kasbar | ||||
Michael J. Kasbar President and Chief Operating Officer |
/s/ Francis X. Shea | ||||
Francis X. Shea Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Exhibit 99.1
NEWS RELEASE for December 18, 2003 at 8:00 AM EDT
Contact: |
Allen & Caron Inc | World Fuel Services Corporation | ||||
Jesse Deal (Investors) | Francis X Shea, CFO & EVP | |||||
jesse@allencaron.com | fshea@wfscorp.com | |||||
(212) 691-8087 | (305) 428-8000 | |||||
or | United Airlines | |||||
Len Hall (Media) | Robert M. Sturtz | |||||
len@allencaron.com | (847) 700-4361 | |||||
(949) 474-4300 | bob.sturtz@ual.com | |||||
Morgan Stanley | ||||||
Randy OConnor | ||||||
(212) 761-5086 | ||||||
randall.oconnor@morganstanley.com |
WORLD FUEL SERVICES CORPORATION ENTERS INTO FUEL PROCESSING
AGREEMENT WITH MORGAN STANLEY AND UNITED AIRLINES
MIAMI, FL (December 18, 2003) World Fuel Services Corporation (NYSE:INT), a global leader in the marketing and financing of marine and aviation fuel products and related services, announced today that it has entered into an agreement with Morgan Stanley Capital Group and United Airlines to provide back-office processing and other services for a number of third-party supply contracts held by United with flag carriers fueling at domestic hub airports.
This agreement is further validation of our business model, which is focused on providing best in class fuel services to airlines looking to out-source non-core functions and to suppliers looking to mitigate risk and rationalize processing related to sales, said Paul Stebbins, Chairman and Chief Executive Officer of World Fuel. We believe our ability to add value in the supply chain to Morgan Stanley and United Airlines is indicative of a growing trend in the transportation fuels business.
Under Chapter 11, United has been re-engineering many aspects of its business including fuel purchasing, and World Fuel has demonstrated an ability to add value in this process, said Robert Sturtz, General Manager of United Aviation Fuels Corporation.
About World Fuel Services Corporation
Headquartered in Miami, FL, World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. As the marketer of choice in the aviation and shipping industries, World Fuel Services Corporation provides fuel and services at more than 2,000 airports and seaports worldwide. With over 30 offices strategically located throughout the world, World Fuel Services offers its customers a value-added outsource service for the supply, quality control, logistical support and price risk management of marine and aviation fuel. The Companys global team of market makers provides deep domain expertise in all aspects of marine and aviation fuel management. For more information, call (305) 428-8000 or visit www.worldfuel.com.
MORE-MORE-MORE
WORLD FUEL AGREEMENT W/ MORGAN STANLEY AND UNITED AIRLINES
Page 2-2-2
About United Airlines
United Aviation Fuels Corporation is the fuel purchasing unit of United Airlines, the second largest air carrier in the world. With hubs in Chicago, Denver, Los Angeles, San Francisco and Washington, D.C., and key international gateways in Tokyo, London, Frankfurt, Miami and Toronto, United flies to 109 destinations in 23 countries. Uniteds 65,000-plus employees worldwide bring people together safely, conveniently and efficiently more than 1,800 times a day. Uniteds customers also enjoy access to more than 700 destinations around the world through Star Alliance, the leading global airline network. http://www.united.com
About Morgan Stanley Capital Group
Morgan Stanley is one of the worlds largest diversified financial services companies, with a reputation for excellence in advice and execution on a global scale. The Firm enjoys leading franchises in three attractive businesses: Global Securities, where Morgan Stanley serves individual and institutional investors and investment banking clients; Global Asset Management, with its highly rated Morgan Stanley and Van Kampen funds; and Global Credit Card Services, with the Discover Card, held by 40% of U.S. households, as well as a growing Morgan Stanley card business in the United Kingdom. http://www.morganstanley.com
With the exception of historical information in this news release, this document includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, fluctuations in world oil prices or foreign currency, major changes in political, economic, regulatory, or environmental conditions, the loss of key customers, suppliers or key members of senior management, uninsured losses, competition, credit risk associated with accounts and notes receivable, and other risks detailed from time to time in the Companys Securities and Exchange Commission filings. Actual results may differ materially from any forward-looking statements set forth herein.
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Exhibit 99.2
NEWS RELEASE for December 19, 2003 at 8:00 AM EDT
Contact: |
Allen & Caron Inc | World Fuel Services Corporation | ||
Jesse Deal (Investors) | Francis X Shea, CFO & EVP | |||
jesse@allencaron.com | fshea@wfscorp.com | |||
(212) 691-8087 | (305) 428-8000 | |||
or | ||||
Len Hall (Media) | ||||
len@allencaron.com | ||||
(949) 474-4300 |
WORLD FUEL SERVICES CORPORATION ANNOUNCES THAT IT HAS AGREED
TO A NEW THREE-YEAR $100 MILLION SYNDICATED REVOLVING CREDIT
MIAMI (December 19, 2003) World Fuel Services Corporation (NYSE:INT) announced today that it has agreed to replace its existing $40 million revolving credit with a new three-year $100 million syndicated revolving credit arranged by LaSalle Bank N.A. This new credit facility will be used for working capital, capital expenditures and other general business purposes. Other syndicate institutions include HSBC Bank USA, Merrill Lynch, Commercebank N.A. and Israel Discount Bank of New York.
The continuing healthy expansion of our business has made this new credit facility a very timely addition to our financial base, said Francis X. Shea, E.V.P. and Chief Financial Officer of World Fuel. We are particularly pleased with the confidence our bankers have shown in World Fuel by this 2.5 times expansion of our banking facility.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. As the marketer of choice in the aviation and shipping industries, World Fuel Services provides fuel and services at more than 2,000 airports and seaports worldwide. With over 30 offices strategically located throughout the world, World Fuel Services offers its customers a value-added outsource service for the supply, quality control, logistical support and price risk management of marine and aviation fuel.
The companys global team of market makers provides deep domain expertise in all aspects of marine and aviation fuel management. World Fuel Services aviation customers include commercial, passenger and cargo operators as well as corporate clientele. The companys marine customers include premier blue-chip companies from all segments of the market. For more information, call (305) 428-8000 or visit www.worldfuel.com.
MORE-MORE-MORE
WORLD FUEL AGREES TO THREE-YEAR $100 MM REVOLVING CREDIT
Page 2-2-2
With the exception of historical information in this news release, this document includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, fluctuations in world oil prices or foreign currency, major changes in political, economic, regulatory, or environmental conditions, the loss of key customers, suppliers or key members of senior management, uninsured losses, competition, credit risk associated with accounts and notes receivable, and other risks detailed from time to time in the Companys Securities and Exchange Commission filings. Actual results may differ materially from any forward-looking statements set forth herein.
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