PIRAEUS, Greece, Jan. 16, 2014 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean Marine" or the "Company") today announced that it has secured a $150 million uncommitted working capital facility from ABN AMRO Capital USA LLC (" ABN AMRO"). The facility will be used to finance the working capital requirements of Aegean Bunkering ( USA) LLC, which Aegean Marine recently formed to complete the acquisition of the former U.S. East Coast Bunkering business of Hess Corporation.
"This $150 million working capital facility will support our expansion into the U.S. as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," said E. Nikolas Tavlarios, President of Aegean Marine. "We announced the acquisition on November 12th and with the support of ABN AMRO were able to complete the transaction by December 18th. This facility underscores our good relationship with ABN AMRO and its confidence in Aegean Marine's business model as well as our ability to execute according to plan. We appreciate ABN AMRO's continued support."
About Aegean Marine Petroleum Network Inc.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 22 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Cape Verde, Panama, Hong Kong, Barcelona, Algeciras and the U.S. East Coast. The Company has also entered into a strategic alliance to extend its global reach to China. To learn more about Aegean, visit http://www.ampni.com.
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.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.
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