WFS announces pricing of stock offering

Thu 16 Sep 2010, 06:29 GMT

WFS announces pricing of stock offering

World Fuel Services says it expects to receive net proceeds of around US$190 million.

World Fuel Services Corporation (WFS) has announced the pricing of an underwritten public offering of 8,000,000 shares of its common stock at a price to the public of $25.00 per share.

The company has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares to cover overallotments, if any.

WFS said it expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately US$190 million from the offering, or US$219 million if the underwriters exercise their overallotment option in full.

The company said it intends to use the proceeds of the offering for general corporate purposes, which 'may include' potential acquisitions.

The offering is expected to close on September 21, 2010, subject to customary closing conditions. BofA Merrill Lynch, Credit Suisse and J.P. Morgan acted as joint book-running managers for the offering.

United States


		Lloyd’s Register and Maersk Mc-Kinney Møller Center launch ammonia safety and training resources for shipping New tools aim to help operators build the safety management and competency frameworks needed for ammonia-fuelled vessels.

		IBT Bunkering & Trading appoints Kevin Döhmen to manage new Singapore office Döhmen tasked with developing IBT’s operation in the Asian city-state.

		Peak takes delivery of third S-class vessel and cuts steel for ammonia-fuelled ship Norwegian operator marks two events at Chinese yard as ammonia-powered newbuild programme advances.

		New Times Shipbuilding launches LNG dual-fuel tanker for Minerva 112,500-dwt Minerva Helen launched at shipyard in Jiangsu, China.

		Leonhardt & Blumberg equips first of four newbuilds with Econowind VentoFoils German shipowner installs wind-assisted propulsion technology aboard general cargo vessel Hansa Drejoe.

		Axpo and Vitol launch LNG bunkering at the Port of Civitavecchia Operation marks the extension of Axpo’s LNG bunkering network to third major Italian port.

		Grimaldi takes delivery of ammonia-ready Grande Pacifico 9,800-ceu ship is the largest PCTC in the Neapolitan Group’s fleet and the first of five sister vessels on order.

		IMO seminar in Trinidad and Tobago trains Caribbean maritime educators for the alternative fuels era A five-day regional seminar in Port of Spain addressed ammonia, methanol and hydrogen training for seafarers.

		Corvus Energy wins 40 MWh battery contract for BC Ferries’ new biofuel-compatible Summit Class vessels Norwegian battery supplier to power four new hybrid-electric ferries for Canada’s BC Ferries.

		ABS issues product design assessment for Fleetzero’s Leviathan battery system The first US-manufactured lithium iron phosphate marine battery system receives classification society approval.