World Fuel Services Corporation announced that it has successfully amended its unsecured credit facility, increasing the overall facility to $2 billion and extending the term of the credit facility to April 2027.
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“We greatly appreciate the relationships we have with all of our lenders and their continued support of our business and our vision for the future,” stated Ira M. Birns, executive vice president and chief financial officer of World Fuel Services Corporation. “The increase in the size of the credit facility and improved covenant provisions will provide additional financial flexibility in support of our strategic growth objectives.”
Bank of America, N.A. is the Administrative Agent and Bank of America, N.A., JPMorgan Chase Bank, N.A., TD Bank, N.A., Wells Fargo Bank, N.A., and HSBC Bank USA, N.A. served as joint lead arrangers in connection with the transaction.
Information Relating to Forward-Looking Statements
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations with respect to our financial flexibility and our ability to execute on our strategic growth objectives and return capital to our shareholders. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in our Securities and Exchange Commission (“SEC”) filings, including our most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to capitalize on new market opportunities, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, potential liabilities, limited indemnities and the extent of any insurance coverage, our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers’ sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, any global economic impacts or other significant volatility that may arise from geopolitical events, wars and other civil unrest, adverse conditions in the markets or industries in which we or our customers and suppliers operate, such as the current global economic environment as a result of the coronavirus pandemic, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our failure to comply with restrictions and covenants in our senior revolving credit facility and our senior term loans, including our financial covenants, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, inflationary pressures and its impact on our customers or the global economy, unanticipated tax liabilities or adverse results of tax audits, assessments