Americas News
WFS Expands Credit Facility to $1.1 Billion
World Fuel Services Corporation (WFS) [NYSE:INT] says it has expanded its existing revolving credit facility from $800 million to $1.1 billion, and extended the facility's maturity date by more than two years to October 2018.
The facility contains an accordion feature whereby it can be expanded to $1.25 billion under certain conditions, WFS added, and the company has also extended the maturity of its existing $243 million term loan to October 2018.
"We are very pleased to complete the amendment to our credit facility, which was significantly oversubscribed. The amended facility, which includes more favorable terms, will further enhance our capital structure and liquidity profile, providing even greater flexibility to execute on our strategic growth initiatives," said Ira M. Birns, WFS executive vice president and chief financial officer.
"We are appreciative of the continued support demonstrated by our existing global bank group as well as several new lenders. The success of this transaction reflects our banks' continued confidence in our dynamic business model," said Adrienne B. Urban, WFS vice president and treasurer.
Bank of America Merrill Lynch, Wells Fargo Securities, LLC and HSBC Bank USA, National Association served as joint lead arrangers in connection with the transaction. RBS Citizens, N.A., TD Bank, N.A. and Citibank, N.A. served as co-documentation agents.
