May 28, 2013
/PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("
" or the "
") today announced the launch of the syndication on a best efforts basis of its Secured Multicurrency Revolving Credit Facilities (the "
"). To date,
USD 800 million
has been subscribed, subject to satisfactory legal documentation, by eight banks that are experienced in commodity and trade finance. Some of these banks have an existing relationship with Aegean, while others have requested early participation in the process. ABN AMRO Bank N.V. and BNP Paribas have been appointed as the Bookrunning Mandated Lead Arrangers (the "
"). Following the completion of the first stage, the BMLAs and the Company are launching the Facilities in general syndication.
The Facilities, which are comprised of three tranches, are expected to be used for the financing of working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil:
- Tranche A – a USD 100 million 364-day Secured Committed Multicurrency Borrowing Base Revolving Credit Facility;
- Tranche B – a USD 100 million 2-year Secured Committed Multicurrency Borrowing Base Revolving Credit Facility; and
- Tranche C – a USD 600 million Secured Uncommitted Multicurrency Borrowing Base Revolving Credit Facility.
"We appreciate the interest of our lenders and their confidence in our ability to execute our strategy, which is focused on achieving profitable revenue growth and increased global market share," said
E. Nikolas Tavlarios
, President. "We have significantly enhanced our financial flexibility and we believe our strong financial position is a key competitive advantage. These new credit facilities represent a significant milestone and position Aegean to continue to capitalize on emerging opportunities to expand our business."
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 20 markets, including
Trinidad and Tobago
, Piraeus, Patras, the
United Arab Emirates
. The Company has also entered into a strategic alliance to extend its global reach to
. To learn more about Aegean, visit
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.