World Kinect $350 million convertible senior notes offering
We advised World Kinect on the offering
Davis Polk advised World Kinect Corporation in connection with its Rule 144A offering of $350 million aggregate principal amount of its 3.250% convertible senior notes due 2028, which included $50 million principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. Davis Polk also advised World Kinect on the convertible note hedge and warrant transactions with certain of the initial purchasers of the notes or their respective affiliates and certain other financial institutions in connection with the offering. World Kinect intends to use the net proceeds from this offering primarily for general corporate purposes, including the repayment of a portion of the amounts outstanding under its revolving credit facility. In addition, World Kinect intends to use a portion of the net proceeds from this offering to pay the cost of the convertible note hedge transactions and to repurchase shares of its common stock.
World Kinect Corporation is a leading global energy management company, offering a broad suite of energy advisory, management and fulfillment services, digital and other technology solutions, as well as sustainability products and services across the energy spectrum.
The Davis Polk corporate team included partner Pedro J. Bermeo and associates Dennis Chu and Samuel S. Vallejo. The equity derivatives team included partners Mark M. Mendez and Mark J. DiFiore, counsel Faisal Baloch and Katharine O’Banion and associate Alexander S. Pettingell. Partner Michael Farber and associate Ted Lee provided tax advice. All members of the Davis Polk team are based in the New York office.