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.


Type Approval from RINA for Methanol Superstorage. SRC Group’s Methanol Superstorage has received RINA Type Approval  

Space-efficient fuel tank system has gained formal certification, enabling methanol adoption without sacrificing storage capacity.

AiP handover ceremony for methane oxidation catalyst system. MHI Marine Machinery and Mitsubishi Shipbuilding receive AiP for methane oxidation catalyst system  

ClassNK approves basic design of LNG engine exhaust treatment system achieving over 90% methane oxidation.

CMA CGM Esmeralda naming ceremony. CMA CGM names 15,000-teu methanol-powered container ship in Shanghai  

The CMA CGM Esmeralda has been deployed on the REX2 service.

DNV and the Singapore Institute of Technology (SIT) signing. DNV and Singapore Institute of Technology partner on remote vessel operations research  

Agreement focuses on shore-based control centres for bunker vessels and autonomous maritime capabilities.

Grande Inghilterra naming ceremony. Grimaldi takes delivery of eleventh ammonia-ready car carrier  

Grande Inghilterra features solar panels, lithium batteries and cold ironing capability.

Launching ceremony of Bisan Maru vessel. Japanese tugboat to feature biofuel blender and ultrasonic anti-fouling system  

Seagate Corporation’s Bisan Maru is the first Japanese tugboat to feature both environmental technologies.

Hercules Elisabeth vessel. Hercules Tanker Management deploys second Ultra-Spec vessel to the Mediterranean  

HTM Elisabeth arrived in Gibraltar carrying biofuel cargo from Thailand bound for Barcelona operations.

Carrier deck view. Wärtsilä to supply ammonia fuel systems for Navigator Gas and Amon Maritime carriers  

Finnish technology group wins contract for cargo handling systems on two dual-fuel ammonia vessels.

Svitzer Balder vessel. Battery-methanol harbour tug completes sea trials ahead of Gothenburg deployment  

Svitzer Balder is claimed to be the most powerful electric escort tug in the world.

Launching ceremony of Nave Orbit vessel. Changhong International launches fourth LR2 tanker for Navios  

Chinese shipbuilder floats 115,000-tonne LR2/Aframax product tanker with methanol and LNG conversion capability.


↑  Back to Top