World Kinect Drops; Sets $250 Mln Sr. Notes Offering

(RTTNews) - Shares of World Kinect Corporation (WKC) are falling more than 3% Wednesday morning after announcing its plan to offer $250 million Senior Notes due 2028.

World Kinect intends to use the net proceeds from the offering primarily for general corporate purposes, including the repayment of a portion of the amounts outstanding under the revolving credit facility, to pay the cost of the convertible note hedge transactions described below and to repurchase up to $50 million of shares from purchasers of the notes in this offering.

WKC has traded in the range of $19.29 - $30.65 in the last 1 year.