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.

Nicolaj Kofoed, Blue Energy Partners. Blue Energy Partners appoints Nicolaj Kofoed as group treasurer  

Bunker firm strengthens treasury function as banking relationships and funding needs grow.
Bunker Partner logo. Bunker Partner seeks trainee lawyer for Athens office  

Role offering the opportunity to a law graduate to gain practical experience in maritime law.
Type approval test (TAT) for H22CDF-GA engine. HD Hyundai gains type approval for low-pressure ammonia dual-fuel engine  

HHI-EMD completes type approval testing for its H22CDF-GA engine, expanding its ammonia engine portfolio to two fuel-supply technologies.
Moataz Abdelrahman, Flex Commodities. Flex Commodities appoints Moataz Abdelrahman as senior marine fuels trader  

Dubai-based trading firm adds senior trader to expand marine fuels and bunker trading activities across the Middle East.
Container vessel manoeuvring in port. Alternative-fuel ship orders outpace port infrastructure, LR report finds  

Lloyd's Register study shows methanol and ammonia bunkering infrastructure lagging behind newbuild orders for alternative-fuel vessels.
UEC60LSJ ammonia-fuelled engine render. J-ENG secures orders for four ammonia-fuelled engines under Japanese PCTC project  

Vessels form part of plan to build four ammonia-fuelled car carriers, a dedicated bunkering vessel and supply chain.
Hanwha Power receives ABS AiP for battery-powered containership design. ABS grants AIP to Hanwha Power for 1,700-TEU battery-powered container ship  

Design uses roughly 151 MWh of swappable battery storage for fully electric propulsion on a container vessel.
Peter Krahenbuhl, WinGD. WinGD signs first licence deal with HD Hyundai Marine Engine to expand Korean production  

Mid-bore engine portfolio gains new production route into Korea's bulk carrier and tanker newbuild markets.
ONE Symphony naming ceremony. Ocean Network Express names ammonia- and methanol-ready newbuild ONE Symphony  

Vessel features conventional diesel main engine, with concept designs approved for possible future conversion to methanol or ammonia.
Sing Fuels logo. Sing Fuels seeks Asia-based supply trader to bolster bunker procurement team  

Singapore bunkering firm is recruiting a supply trader to manage marine fuel purchasing across Asia.

↑  Back to Top


 Recommended