This Day On The Street
Continue to site
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

Aegean Marine Petroleum Network Inc. Announces Pricing Of $75 Million Convertible Senior Notes

PIRAEUS, Greece, Oct. 18, 2013 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean") today announced that it priced its previously announced underwritten public offering of $75 million aggregate principal amount of its 4.00% convertible senior notes due 2018 (the "notes"). Aegean granted the underwriters a 30-day option to purchase up to an additional $11.25 million aggregate principal amount of notes in connection with the offering. The offering is expected to close on October 23, 2013, subject to the satisfaction of certain customary closing conditions.  Aegean expects to use the net proceeds from this offering of approximately $72.1 million for general corporate purposes and working capital, including repayment of short-term indebtedness, without reduction in commitment.

The notes will be general senior unsecured obligations of Aegean and will pay interest semi annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2014.  Unless earlier converted, redeemed or repurchased, the notes will mature on November 1, 2018. 

Upon conversion, holders of the notes will receive cash, shares of Aegean's common stock or a combination of cash and shares of Aegean's common stock, at Aegean's election.  Prior to May 1, 2018, the notes will be convertible only upon certain circumstances and during specified periods. On or after May 1, 2018 until the close of business on the scheduled trading day prior to the maturity date, holders may convert their notes at any time.  The initial conversion rate for each $1,000 aggregate principal amount of notes is 70.2679 shares of common stock, equivalent to a conversion price of approximately $14.23 per share, and will be subject to adjustments described in the prospectus supplement relating to the notes.

On or after November 1, 2016, Aegean may redeem for cash all, but not less than all, of the notes at 100% of principal amount (plus accrued and unpaid interest up to, but not including, the redemption date) if the last reported sale price of its common stock exceeds 140% of the conversion price then in effect for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to the date of the redemption notice.  In addition, if Aegean calls the notes for redemption, Aegean will, in certain circumstances, be required to increase the conversion rate for holders who convert their notes after Aegean delivers a notice of redemption and before the close of business on the business day immediately preceding the relevant redemption date.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.68 -0.53%
FB $117.43 0.00%
GOOG $692.36 0.00%
TSLA $232.32 0.00%
YHOO $36.01 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs