World Fuel Services Corporation, the parent of broker/consultant Kinect Energy, 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."

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.

Tags:
World Fuel Services Corporation   Kinect Energy   Finance  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
Energy-Regulatory-Specialist -- Other -- Other
More Stories on RetailEnergyX.com:
FT: Mitsubishi-Backed Retail Supplier 'Prepares Bid' For International Retail Supplier With U.S. Arm
UK Retail Supplier With US Affiliate In Talks To Secure 'New Funding'; Wholesale Prices Challenge
Lightsource bp Completes $380m Financing on 316 Megawatts of Solar in Texas, Announces PPAs '
AltaGas Provides Update On Strategic Plan, Introduces 2021 Financial Guidance And Increases Dividend
NRG Announces Notes Offerings, Part Of Funding Direct Energy Acquisition