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World Fuel Services Increases Facility With BofA, Others to $1.1 Billion

October 11, 2013, 07:29 AM
Filed Under: Distribution

World Fuel Services Corporation, a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services, announced today that it has successfully expanded its existing revolving credit facility. The amended facility increases the maximum availability under the facility from $800 million to $1.1 billion and extends the facility 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. The Company also extended the maturity of its existing $243 million term loan to October 2018.

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.

Borrowings under the credit facility and the term loan will continue to bear interest at a tiered structure based on certain financial covenants, which is at a current rate of LIBOR plus 2.0% per annum. The amended revolving credit facility may be used for borrowings for working capital needs and general corporate purposes as well as the issuance of standby and documentary letters of credit.







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