World Fuel Services 2015 Annual Report Download - page 71

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Our issued letters of credit under the Credit Facility totaled $5.5 million and $14.8 million as of December 31, 2015 and
2014, respectively. We also had $333.2 million and $241.3 million in Term Loans outstanding as of December 31, 2015
and 2014, respectively. As of December 31, 2015 and 2014, the unused portion of our Credit Facility was $838.5 million
and $665.2 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, 2015, 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, 2015, and the unused portion of our Credit Facility is subject to commitment fees of
0.30% as of December 31, 2015.
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, 2015, 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, 2015 and 2014, our outstanding letters of credit and bank guarantees under these credit
lines totaled $208.4 million and $211.4 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 millions):
As of December 31,
2015 2014
Credit Facility $ 416.0 $ 420.0
Term Loans 333.2 241.3
Capital leases 12.0 11.4
Other 11.0 17.2
Total debt 772.2 689.9
Short-term debt 25.5 17.9
Long-term debt $ 746.7 $ 672.0
The capital lease obligations are payable in varying amounts through February 2023 and bear interest at annual rates
ranging from 3.0% to 6.3% as of December 31, 2015. The other debt primarily relates to acquisition promissory notes and
loans payable to noncontrolling shareholders of a consolidated subsidiary which are payable in varying amounts from July
2016 to May 2018 and bear interest at annual rates ranging from 1.3% to 6.8% as of December 31, 2015. The weighted
average interest rate on our short-term debt was 2.7% and 2.2% as of December 31, 2015 and 2014, respectively.
As of December 31, 2015, the aggregate annual maturities of debt are as follows (in millions):
Year Ended December 31,
2016 $ 25.5
2017 27.5
2018 715.6
2019 1.4
2020 0.9
Thereafter 1.3
$ 772.2