Aegean Marine Petroleum Network secures line of credit

Aegean Marine Petroleum Network Inc. has signed a new Secured Global Borrowing Base Multicurrency Revolving Credit Facility for $750m for three years. Seven of the nine lenders updated their commitments to Aegean at improved terms and increased tenor with two new banks joining the Facility.

The three-year Global Borrowing Base also includes an ‘accordion’ option for an additional $250m and replaces the company’s outgoing one-year $1bn facility. In concert with our $250mn Secured U.S. Borrowing Base Revolving Credit Facility, which was renewed earlier this year, the Global Borrowing Base is expected to finance the global working capital needs of the Company.

President of Aegean, Jonathan McIlroy said; “We are extremely pleased to reach this agreement with our lenders. This new, three-year facility, on improved terms with a strong syndicate of international banks is a true testament to the strength of Aegean’s global network. We believe it will provide flexibility to continue executing our strategy.”

Chief Financial Officer of Aegean, Spyros Gianniotis said: “We believe that the decision by our bank lenders to contribute to the credit facility underscores their confidence in the strength of our global platform and ability to generate significant long-term value. We appreciate their continued support as we execute our strategy, serve our global customers and seek to drive profitable growth.”

For more information visit www.ampni.com

11th Nov 2017