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Bank of America Agents Upsize for World Fuel Services

July 25, 2019, 08:45 AM
Filed Under: Energy Services

World Fuel Services Corporation announced that it has successfully amended its unsecured credit facility, increasing the overall facility to $1.8 billion and extending the term of the credit facility 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.”

“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,” said Glenn Klevitz, vice president, treasurer and investor relations.

Bank of America, N.A. is the Administrative Agent and 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, served as joint lead arrangers in connection with the transaction.

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