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World Kinect will reduce debt with $200 million Avinode sale
Chicago, March 12 – World Kinect Corp. will reduce debt with proceeds from the $200 million cash sale of its Avinode Group and its portfolio of aviation FBO software products to CAMP Systems International, Inc., a wholly owned subsidiary of Hearst, according to a press release.
The debt repayment will reduce the annual run rate of interest expense by approximately $10 million, the company’s executive vice president and chief financial officer Ira M. Burns said.
The closing of the transaction is subject to customary closing conditions and is expected to be completed within the next 60 days.
World Kinect is a Miami-based global energy management company. The company was previously called World Fuel Services Corp.
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