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News / Business/ WFS expands unsecured credit facility to $1.8 billion ahead of IMO 2020

WFS expands unsecured credit facility to $1.8 billion ahead of IMO 2020

25 Jul 2019
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New York-listed oil and bunker trading firm World Fuel Services (WFS) on Wednesday (24 July) said 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 WFS.

“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.

WFS posted a 37% increase in profit for the first quarter (Q1) ended 31 March 2019.

The company is expected to post its Q2 earnings results on Thursday (25 July).

Related: WFS posts ‘solid start to the year’ with 37% increase in Q1 profit
RelatedWFS returns to profit for 2018 in ‘year of continuing transformation’
RelatedWFS records ‘better than expected performance’ in marine segment
RelatedWFS Q2 bunker sales volume 13% down on year
RelatedWFS posts Q1 net profit on increase in oil prices, offset by lower volume
RelatedWFS posts net loss of $142.0 million in 2017

Photo credit: World Fuel Services
Published: 25 July, 2019

 

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