WORLD KINECT CORP (WKC): debt financing — World Kinect issues $350M of 3.250% convertible notes due 2028; hedges dilution

WORLD KINECT CORP

Issued $300M initial plus $50M option-exercise notes; 3.250% coupon, maturity July 1, 2028.
Initial conversion price ~$28.43 per share; conversion rate 35.1710 shares per $1,000 principal.
Entered convertible note hedge and warrant transactions covering ~12.3M shares each; warrant strike $40.14.
Net proceeds ~$336.5M; used $50M to repurchase 2.24M shares at $22.30 per share.
Remaining proceeds earmarked for revolving credit facility repayment and general corporate purposes.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WORLD KINECT CORP incurred convertible notes of $300 million aggregate principal amount with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several initial purchasers at 3.250% maturing July 1, 2028.

Instrument: convertible notes
Principal: $300 million aggregate principal amount
Counterparty: Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several initial purchasers
Rate: 3.250%
Maturity: July 1, 2028
Event: incurrence

Exact text from the filing

Inc., as representatives of the several initial purchasers named on Schedule I thereto (the “Initial Purchasers”), pursuant to which the Company agreed to issue and sell $300 million aggregate principal amount of its 3.250% Convertible Senior Notes due 2028 (the “Initial Notes”). In addition, the Company granted the Initial Purchasers an option to purchase up

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WORLD KINECT CORP entered into Purchase Agreement with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several initial purchasers valued at $300 million aggregate principal amount (effective 2023-06-21).

Action: entry
Agreement: notes offering
Counterparty: Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several initial purchasers
Value: $300 million aggregate principal amount
Effective: 2023-06-21

Exact text from the filing

On June 21, 2023, World Kinect Corporation (the “Company”) entered into a Purchase Agreement (the “Purchase Agreement”) with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc., as representatives of the several initial purchasers named on Schedule I thereto (the “Initial Purchasers”), pursuant to which the Company agreed to issue and sell $300 million aggregate principal amount of its 3.250% Convertible Senior Notes due 2028

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WORLD KINECT CORP entered into Indenture with U.S. Bank Trust Company, National Association (effective 2023-06-26).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Effective: 2023-06-26

Exact text from the filing

On June 26, 2023, the Company entered into an indenture (the “Indenture”) governing the terms of the Notes, between the Company and U.S. Bank Trust Company, National Association, as trustee

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101 debt financings filed in the last 30 days. Browse all debt financings →

WORLD KINECT CORP filing history →

Source: SEC EDGAR

accession 0001628280-23-023518

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