WFS announces pricing of stock offering

Thu 16 Sep 2010, 06:29 GMT

WFS announces pricing of stock offering

World Fuel Services says it expects to receive net proceeds of around US$190 million.

World Fuel Services Corporation (WFS) has announced the pricing of an underwritten public offering of 8,000,000 shares of its common stock at a price to the public of $25.00 per share.

The company has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares to cover overallotments, if any.

WFS said it expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately US$190 million from the offering, or US$219 million if the underwriters exercise their overallotment option in full.

The company said it intends to use the proceeds of the offering for general corporate purposes, which 'may include' potential acquisitions.

The offering is expected to close on September 21, 2010, subject to customary closing conditions. BofA Merrill Lynch, Credit Suisse and J.P. Morgan acted as joint book-running managers for the offering.

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