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.

Osprey Energy logo. Osprey Energy seeks junior bunker trader to support Cebu trading activities from Netherlands  

Dutch marine fuel supplier targets Cebu region expansion through new training programme for Filipino candidates.
EUA prices dropping graphic. KPI OceanConnect highlights falling EUA prices as opportunity for shipowners to lock in compliance costs  

Marine fuel supplier says timing carbon allowance purchases can reduce costs as EU emissions scope expands.
RINA employee in control room. RINA partners with Hanwha Group on battery-hybrid propulsion for ro-ro ferries  

Classification society to provide regulatory compliance verification for hybrid battery systems on newbuilds and retrofits.
Amadeus Titanium vessel. HGK Shipping’s Amadeus Titanium fitted with wind assistance system  

Coastal vessel equipped with VentoFoils at Dutch port to reduce fuel consumption on Covestro routes.
Sebastian Weder, Bunker One. Bunker One expands physical supply operations to Tallinn and Finland  

Marine fuel supplier extends Baltic Sea coverage with new operational presence in Estonia and Finland.
LNG shore-to-ship bunkering operation. Sawgrass LNG & Power completes first shore-to-ship LNG bunkering at Port Everglades  

Operation fuelled Ritz-Carlton Yacht Collection vessel Ilma on March 26, marking expansion of marine LNG infrastructure.
Avenir Ascension alongside Peter Pan vessel. Avenir LNG completes first ship-to-ship LNG bunkering of ferry in Klaipeda  

Operation marks Lithuania’s first STS LNG bunkering of a ferry, expanding Avenir’s Baltic operations.
Aura Marine webinar on ammonia as marine fuel. Auramarine to host webinar on ammonia fuel supply systems and safety considerations  

Finnish marine equipment provider schedules 16 April session on ammonia as an alternative fuel for shipping.
Green maritime fuel training programme. Hong Kong launches world’s first government-led green maritime fuel trainer programme  

Three-day course aims to certify trainers in alternative fuels, including ammonia, methanol and hydrogen.
VPS logo. The emergence of B100 FAME in a volatile distillate market | Paul Hoather, VPS  

VPS UK Sales Manager provides recommendations following increased B100 usage due to price dynamics.

↑  Back to Top


 Recommended