World Fuel Services 2012 Annual Report Download - page 87

The future estimated amortization of our identifiable intangible assets is as follows (in thousands):
Year Ended December 31,
2013 $ 22,170
2014 20,128
2015 17,559
2016 14,718
2017 12,749
Thereafter 65,942
$153,266
6. Debt
We have a senior revolving credit facility (‘‘Credit Facility’’) which permits borrowings of up to
$800.0 million with a sublimit of $300.0 million for the issuance of letters of credit and bankers’
acceptances. 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. The Credit Facility expires
in July 2016. We also had $247.5 million and $250.0 million in senior term loans (‘‘Term Loans’’)
outstanding as of December 31, 2012 and 2011, 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, 2012, the applicable margins for
base rate loans and eurodollar rate loans were 1.0% and 2.0%, respectively. We had $100.5 million of
outstanding borrowings under our Credit Facility as of December 31, 2012 and no outstanding
borrowings as of December 31, 2011. Letters of credit issued under our Credit Facility are subject to
letter of credit fees of 2.25% as of December 31, 2012, and the unused portion of our Credit Facility is
subject to commitment fees of 0.25% as of December 31, 2012. Our issued letters of credit under the
Credit Facility totaled $47.4 million and $45.3 million as of December 31, 2012 and 2011, respectively.
Our Credit Facility and our Term Loans contain certain financial covenants with which we are required to
comply. Our failure to comply with the financial 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 other agreements to which we are a party and impair our ability to obtain working capital
advances and 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, 2012, we were in compliance with
all financial covenants contained in our Credit Facility and our Term Loans.
Outside of our Credit Facility we have other uncommitted credit lines aggregating $219.5 million
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, 2012
and 2011, our outstanding letters of credit and bank guarantees under these credit lines totaled
$184.2 million and $122.3 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.
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