Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 24 Jul 2019, 09:31 GMT

World Fuel Services ups credit facility to $1.8bn


Terms extended to July 2024.

Image credit: World Fuel Services
World Fuel Services Corporation has announced that it has amended its unsecured credit facility, increasing the overall facility to $1.8bn and extending the terms to July 2024.

"As a result of this transaction, which was significantly oversubscribed, we have further enhanced our financial flexibility, providing additional low-cost capital to re-invest in our business, execute on strategic acquisitions and return capital to our shareholders," stated Ira M. Birns, executive vice president and chief financial officer of World Fuel Services Corporation. "The amended facility also provides immediate cost savings further supporting our ongoing cost management initiatives."

Glenn Klevitz, vice president, treasurer and investor relations, remarked: "We truly appreciate the commitment and support we have received from our banking partners and their continued confidence in World Fuel's overall financial strength and future growth opportunities."

Bank of America, N.A. has acted as the administrative agent in connection with the transaction, whilst BofA Securities, Inc., JPMorgan Chase Bank, N.A., SunTrust Robinson Humphrey, Inc., TD Bank, N.A., HSBC Bank USA, National Association, and Wells Fargo Securities, LLC, have served as joint lead arrangers.

ZIM LNG container vessel. Los Angeles and Long Beach identify LNG and methanol as key near-term marine fuels  

Joint feasibility study maps out demand projections and infrastructure needs to support cleaner shipping fuels at San Pedro Bay
Alexander Treff, Christiania Energy, Christiania Energy welcomes student assistant to Copenhagen office  

Alexander Treff joins marine fuels firm while studying international business at Copenhagen Business School.
Carlotta Cosulich vessel. Cosulich Marine Energy takes delivery of third methanol-ready bunker tanker  

Carlotta Cosulich joins the group’s fleet, bringing its four-vessel bunkering programme closer to completion.
Rendering of a Wallenius Wilhelmsen vessel Wallenius Wilhelmsen orders four dual-fuel PCTCs, extends fleet renewal programme  

Shipping firm signs for LNG-fuelled car carriers with options for eight more, with deliveries from 2030.
Maizuru Kazenomai vessel. MOL takes delivery of Wind Challenger-equipped LNG dual-fuel coal carrier  

LNG dual-fuel coal carrier with wind-assisted propulsion expected to cut CO₂ emissions by up to 30%.
Farrie Russ vessel. Ernst Russ takes delivery of second methanol-ready tanker  

Farrie Russ joins Ernst Russ’s fleet as the shipowner diversifies into tanker shipping.
Aerial view of the Port of Valencia. Valenciaport launches tender for second substation to double port's power capacity  

The Port of València's new €18.7m substation will support onshore power supply systems and growing terminal electricity demand.
Aerial view of harbour in Karaikal, Puducherry, India Study maps phased pathway for India to build a regional alternative marine fuel hub  

India could compete regionally across biofuels, methanol and ammonia if ports improve efficiency and reduce costs, study finds.
SEA-LNG and MAMII sign MoU. SEA-LNG and MAMII formalise technical partnership ahead of IMO methane talks  

Two organisations sign MoU to strengthen evidence-based input on methane emissions at the IMO.
China Zorrilla vessel. Battery-powered ferry China Zorrilla enters service in South America  

Ro-pax vessel now operating between Argentina and Uruguay, powered by more than 41 MWh of Corvus Energy battery systems.

↑  Back to Top


 Recommended