World Fuel Services Corporation Announces Pricing of Common Stock Offering
September 19 2005 - 9:46PM
PR Newswire (US)
MIAMI, Sept. 19 /PRNewswire-FirstCall/ -- World Fuel Services
Corporation (NYSE:INT) today announced the pricing of its public
offering of 4,000,000 shares of common stock at an offering price
of $31.00 per share. World Fuel has granted the underwriters a
30-day option to purchase an additional 600,000 shares of common
stock to cover over-allotments, if any. J.P. Morgan Securities Inc.
is acting as the lead underwriter and sole book-running manager in
this offering, with Merrill Lynch, Pierce, Fenner & Smith Inc.,
Stephens, Inc. and LaSalle Capital Markets, a division of ABN AMRO
Financial Services, Inc. acting as underwriters. The offering is
expected to close on September 23, 2005. The aggregate net proceeds
to the Company (after deducting underwriting discounts, commissions
and estimated expenses) are estimated to be $117 million ($134.7
million if the underwriters exercise their over-allotment option in
full). The Company will utilize approximately $22 million of the
proceeds for the short-term reduction of indebtedness under its
revolving credit facility. The balance of the net proceeds will be
used for general corporate purposes which may include acquisitions,
capital expenditures and working capital. This news release shall
not constitute an offer to sell or a solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. A registration
statement relating to these securities has been filed with the
Securities and Exchange Commission and is effective. The offering
of these securities is made only by means of a prospectus, which
may be obtained by contacting J.P. Morgan Securities Inc.,
Prospectus Department, One Chase Manhattan Plaza, New York, New
York 10081 (212-552-5164). About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services Corporation is
a global leader in the marketing and sale of marine and aviation
fuel products and related services. World Fuel Services provides
fuel and related services at more than 2,500 airports and seaports
worldwide. With 43 offices strategically located throughout the
world, World Fuel Services offers its customers a value-added
outsource service for the supply, quality control, logistical
support and price risk management of marine and aviation fuel. The
Company's global team of market makers provides deep domain
expertise in all aspects of marine and aviation fuel management.
World Fuel Services' aviation customers include commercial,
passenger and cargo operators as well as corporate clientele. The
Company's marine customers include international container and
tanker fleets and time-charter operators. For more information,
call (305) 428-8000 or visit http://www.wfscorp.com/.
Forward-Looking Statements With the exception of historical
information in this news release, this document includes
forward-looking statements that involve risks and uncertainties,
including, but not limited to, quarterly fluctuations in results,
the management of growth, fluctuations in world oil prices or
foreign currency, major changes in political, economic, regulatory,
or environmental conditions, the loss of key customers, suppliers
or key members of senior management, uninsured losses, competition,
credit risk associated with accounts and notes receivable, and
other risks detailed from time to time in the Company's Securities
and Exchange Commission filings. Actual results may differ
materially from any forward-looking statements set forth herein.
Contact: Allen & Caron Inc World Fuel Services Corporation
Michael Mason (Investors) Robert S. Tocci, CFO & EVP (212)
691-8087 (305) 428-8000 or Len Hall (Media) (949) 474-4300
DATASOURCE: World Fuel Services Corporation CONTACT: investors,
Michael Mason, +1-212-691-8087, , or media, Len Hall,
+1-949-474-4300, , both of Allen & Caron Inc, for World Fuel
Services Corporation; or Robert S. Tocci, CFO & EVP of World
Fuel Services Corporation, +1-305-428-8000, Web site:
http://www.wfscorp.com/
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