This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Sept. 24, 2013 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE:
ANW) ("Aegean" or the "Company") today announced that it has signed the facilities agreement for its new syndicated Secured Borrowing Base Multicurrency Revolving Credit Facilities (the "Facilities").
The Facilities, which are expected to be drawn once the company executes additional security documents and other facility documents, are comprised of three tranches. These tranches will be used for the financing of the Company's working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil:
Tranche A – a USD 155 million 364-day Secured Committed Multicurrency Borrowing Base Revolving Credit Facility;
Tranche B – a USD 115 million 2-year Secured Committed Multicurrency Borrowing Base Revolving Credit Facility; and
Tranche C – a USD 730 million Secured Uncommitted Multicurrency Borrowing Base Revolving Credit Facility.
Tranche A carries two extension options of 364 days each and Tranche B carries one extension option of 364 days. The extension options are exercisable upon the Company's request and at the discretion of each lender.
"These facilities significantly enhance our financial flexibility and will help support Aegean's continued ability to expand our global market share while achieving profitable revenue growth," said E.
Nikolas Tavlarios, President of Aegean. "We believe our liquidity and strong balance sheet are key differentiators that create significant competitive advantages. We are pleased to have achieved this important milestone."
Spyros Gianniotis Aegean's Chief Financial Officer added, "We are pleased that eight of the 13 banks participating in the facilities are new to our bank group. We appreciate the ongoing support from our lenders and their confidence in our ability to continue to execute our strategy."
The Facilities were arranged by the Active Bookrunning Mandated Lead Arrangers,
ABN AMRO and BNP Paribas.
ABN AMRO also acted as Coordinator and Agent. The final lending group includes the following banks:
Bookrunner Mandated Lead ArrangersABN AMRO Bank N.V.BNP Paribas
Senior Mandated Lead ArrangersKBC Bank NVNATIXIS Paris
Mandated Lead ArrangersRabobank InternationalING
Lead ArrangersBelfius Bank SANational Bank of Greece S.A.Credit Suisse AGMashreqbank
ArrangersEmirates NBD PJSC,
London BranchArab Bank (
About AegeanAegean 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 21 markets, including
Trinidad and Tobago,
Northern Europe, Piraeus, Patras, the
United Arab Emirates,
Amsterdam (ARA) region,
Las Palmas, Tenerife,
Barcelona and Algeciras. The Company has also entered into a strategic alliance to extend its global reach to
China. To learn more about Aegean, visit
Cautionary Statement Regarding Forward-Looking StatementsMatters 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.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.