World Fuel Services Expands Credit Facility to $2.1 Billion

by Ship & Bunker News Team
Friday October 28, 2016

World Fuel Services Corporation (WFS) [NYSE:INT] Thursday announced it has successfully amended its credit facility, which has been increased by approximately $500 million to $2.1 billion.

The company also extended the term of the credit facility to October 2021.

"The transaction was substantially oversubscribed and ahead of initial expectations, which emphasizes the global banking community’s confidence in our long-term strategy,” said Ira M. Birns, WFS' executive vice president and chief financial officer.

"Execution of this amendment to our credit facility, including more favorable terms, will further enhance our liquidity profile for the next five years, providing even greater flexibility to invest in strategic growth initiatives."

Bank of America Merrill Lynch, HSBC Bank USA, National Association and Wells Fargo Securities, LLC served as joint lead arrangers in connection with the transaction, while TD Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A., Mizuho Bank, N.A. and Sumitomo Mitsui Banking Corporation served as co-documentation agents.

"We appreciate the strong, ongoing support of our bank group and welcome seven new banks which have joined our facility,” said Adrienne Bolan, senior vice president and treasurer.

"We look forward to strengthening these valuable relationships as we continue to grow our business."

Ship & Bunker News Team
To contact the editor responsible for this story email us at editor@shipandbunker.com