Fri 28 Oct 2016 00:17

World Fuel Services amends credit facility to $2.1 billion


Term of the credit facility is extended to October 2021.



World Fuel Services Corporation has confirmed 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.

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