Aegean Marine Petroleum Inc. Signs USD 1 Billion Secured Borrowing Base Multicurrency Revolving Credit Facilities
Company Well Positioned to Capitalize on Growth Opportunities
Piraeus, Greece, Sept. 24, 2013
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 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 Arrangers
ABN AMRO Bank N.V.
BNP Paribas
Senior Mandated Lead Arrangers
KBC Bank NV
NATIXIS Paris
Mandated Lead Arrangers
Rabobank International
ING Belgium, Brussels, Geneva Branch
SocieteGenerale
Lead Arrangers
Belfius Bank SA
National Bank of Greece S.A.
Credit Suisse AG
Mashreqbank
Arrangers
Emirates NBD PJSC, London Branch
Arab Bank (Switzerland) Ltd.
About Aegean
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 21 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 and Algeciras. 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.
Source: Aegean Marine Petroleum Network Inc.