Aegean Marine Petroleum Network Inc. has announced the launch of the syndication on a best efforts basis of its Secured Multicurrency Revolving Credit Facilities.
According to Aegean, USD 800 million has been subscribed to date, subject to satisfactory legal documentation, by eight banks experienced in commodity and trade finance.
Some of these banks are said to have an existing relationship with Aegean, while others have requested early participation in the process.
ABN AMRO Bank N.V. and
BNP Paribas have been appointed as the Bookrunning Mandated Lead Arrangers (BMLAs). Following the completion of the first stage, the BMLAs and the company are launching the credit facilities in general syndication.
The facilities, which are comprised of three tranches, are expected to be used for the financing of working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil:
Tranche A – a USD 100 million 364-day Secured Committed Multicurrency Borrowing Base Revolving Credit Facility;
Tranche B – a USD 100 million 2-year Secured Committed Multicurrency Borrowing Base Revolving Credit Facility; and
Tranche C – a USD 600 million Secured Uncommitted Multicurrency Borrowing Base Revolving Credit Facility.
"We appreciate the interest of our lenders and their confidence in our ability to execute our strategy, which is focused on achieving profitable revenue growth and increased global market share," said
E. Nikolas Tavlarios, President. "We have significantly enhanced our financial flexibility and we believe our strong financial position is a key competitive advantage. These new credit facilities represent a significant milestone and position Aegean to continue to capitalize on emerging opportunities to expand our business."