World Fuel Services increased the size of its credit facility, which includes a revolving credit facility and a term loan, by approximately $500 million to $2.1 billion. The company also extended the term of the facility to October 2021. Bank of America served as administrative agent.
“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, EVP and CFO of World Fuel Services. “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 and Wells Fargo Securities served as joint lead arrangers. TD Bank, Citibank, JPMorgan Chase, Mizuho Bank and Sumitomo Mitsui Banking served as co-documentation agents.