World Fuel Services 2014 Annual Report Download - page 69

64
The future estimated amortization of our identifiable intangible assets is as follows (in thousands):
Year Ended December 31,
2015 $ 28,770
2016 26,109
2017 22,456
2018 19,643
2019 16,271
Thereafter 68,381
$ 181,630
6. Debt
On January 30, 2015, we amended our senior revolving credit facility (“Credit Facility”) to, among other things, increase the
maximum availability under the Credit Facility from $1.10 billion to $1.26 billion and added a new $100.0 million term loan
facility to our existing senior term loans (“Term Loans”), for a total amount outstanding of $341.3 million. Under the Credit
Facility, we have the right to request increases in available borrowings up to an additional $150.0 million, subject to the
satisfaction of certain conditions. Additionally, the Credit Facility has a sublimit of $400.0 million for the issuance of letters
of credit and bankers’ acceptances and matures in October 2018. We had outstanding borrowings under our Credit Facility
totaling $420.0 million and $200.0 million as of December 31, 2014 and 2013, respectively. Our issued letters of credit
under the Credit Facility totaled $14.8 million and $7.4 million as of December 31, 2014 and 2013, respectively. We also
had $241.3 million and $242.5 million in Term Loans outstanding as of December 31, 2014 and 2013, respectively. As of
December 31, 2014 and 2013, the unused portion of our Credit Facility was $665.2 million and $892.6 million, respectively.
Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest
rates plus applicable margins. As of December 31, 2014, the applicable margins for base rate loans and Eurodollar rate
loans were 1.25% and 2.25%, respectively. Letters of credit issued under our Credit Facility are subject to letter of credit
fees of 2.50% as of December 31, 2014, and the unused portion of our Credit Facility is subject to commitment fees of
0.30% as of December 31, 2014.
Our Credit Facility and our Term Loans contain certain financial and other covenants with which we are required to comply.
Our failure to comply with the covenants contained in our Credit Facility and our Term Loans could result in an event of
default. An event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the
Credit Facility and our Term Loans, trigger cross-defaults under certain other agreements to which we are a party and impair
our ability to obtain working capital advances and issue letters of credit, which would have a material adverse effect on our
business, financial condition, results of operations and cash flows. As of December 31, 2014, we were in compliance with
all financial and other covenants contained in our Credit Facility and our Term Loans.
Outside of our Credit Facility we have other uncommitted credit lines primarily for the issuance of letters of credit, bank
guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at
market rates. As of December 31, 2014 and 2013, our outstanding letters of credit and bank guarantees under these credit
lines totaled $211.4 million and $150.6 million, respectively.
Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit
lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired
letters of credit and bank guarantees are renewed as needed.
Our debt consisted of the following (in thousands):
As of December 31,
2014 2013
Credit Facility $ 420,000 $ 200,000
Term Loans 241,288 242,500
Acquisition promissory notes 12,635 13,403
Other 15,945 7,808
Total debt 689,868 463,711
Short-term debt 17,914 14,647
Long-term debt $ 671,954 $ 449,064