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Mon 6 Oct 2008, 09:42 GMT

WFS enters into receivables facility program


Facility aims to provide liquidity to support working capital requirements.

Marine, aviation and land fuel specialist World Fuel Services Corporation has announced it has entered into a two year syndicated trade receivables purchase facility program with HSBC Bank USA, National Association acting as administrative agent for a syndicate of financial institutions that provides for up to $160 million in funding through the purchase of receivables on a revolving basis.

The receivables facility, which was unutilized at September 30, 2008, supplements the company's $475 million senior revolving credit facility which matures in 2012.

Outstanding borrowings under the credit facility declined from $232 million at June 30, 2008 to approximately $35 million at September 30, 2008, while cash, cash equivalents and short-term investments increased from $63 million at June 30, 2008 to approximately $160 million at September 30, 2008.

"We are pleased to announce today that we have opportunistically enhanced World Fuel's liquidity profile. We believe that our ability to complete this transaction in the current credit environment demonstrates the strength of our balance sheet and the quality of World Fuel's receivables," stated Ira M. Birns, Executive Vice President & Chief Financial Officer.

"Aggregate availability under the credit facility and the receivables facility provides substantial liquidity to support working capital requirements and strategic investment opportunities, going forward."

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