- Current report filing (8-K)
July 07 2011 - 5:28PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): June 30, 2011
WORLD
FUEL SERVICES CORPORATION
(Exact
name of registrant as specified in its charter)
Florida
|
1-9533
|
59-2459427
|
(State or other jurisdiction of
incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
9800 N.W. 41
st
Street, Suite 400
Miami, Florida
|
33178
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s telephone number,
including area code: (305) 428-8000
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On June 30, 2011, World Fuel Services Corporation ("World Fuel") entered
into the First Amendment (the "Amendment") to its existing receivables
purchase agreement dated as of March 31, 2011 (the "Original Agreement",
as amended by the Amendment, the "Agreement") among World Fuel Services,
Inc., World Fuel Services Europe, Ltd., and World Fuel Services
(Singapore) Pte Ltd, each a subsidiary of World Fuel, as sellers, World
Fuel and Wells Fargo Bank, National Association ("Wells").
The Original Agreement allowed the sellers to offer for sale up to $50.0
million of certain of their accounts receivable. The Amendment
increased the size of this receivables program from $50.0 million to up
to $100.0 million and added World Fuel Services Trading DMCC, a
subsidiary of World Fuel, as an additional seller under the Agreement.
Wells may in its sole discretion decline offers to purchase receivables
from the sellers.
Under the Agreement, the sale price for the accounts receivable will be
at an amount equal to 90% (and for certain receivables 100%) of the sold
accounts receivable balance less a discount margin equivalent to a
floating market rate plus 2% and certain other fees, as applicable.
Under the Agreement, the sellers retain a 10% beneficial interest in
certain of the sold accounts receivable.
The sellers have been appointed by Wells as its servicer to service and
administer the sold accounts receivable.
The Agreement terminates upon the earliest of (i) April 1, 2012, unless
the term is extended for subsequent one-year terms at the option of the
sellers, (ii) the occurrence of a termination event, and (iii) 60 days'
prior written notice of termination given by the sellers or Wells. The
Agreement contains customary termination events, including, among other
things, the failure to make timely payments or deposits under the
Agreement or the breach of covenants, representations or warranties
under the Agreement. The sellers may also be required to repurchase
sold accounts receivable if certain customary repurchase events occur.
The obligations of the sellers under the Agreement are guaranteed by
World Fuel.
Wells and its affiliates have, from time to time, performed, and may in
the future perform, various financial advisory, commercial banking and
investment banking services for World Fuel, for which they received or
will receive customary fees, expenses and indemnities.
Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Form 8-K is
incorporated herein by reference.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
|
July 7, 2011
|
World Fuel Services Corporation
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Ira M. Birns
|
|
|
|
Ira M. Birns
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
3
World Fuel Services (NYSE:INT)
Historical Stock Chart
From May 2024 to Jun 2024
World Fuel Services (NYSE:INT)
Historical Stock Chart
From Jun 2023 to Jun 2024