Tue 24 Sep 2013 22:18

Aegean signs US$1 billion credit agreement


Agreement signed for new syndicated Secured Borrowing Base Multicurrency Revolving Credit Facilities.



Aegean Marine Petroleum Network Inc. has today announced that it has signed a facilities agreement for its new syndicated Secured Borrowing Base Multicurrency Revolving Credit 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. According to Aegean, 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 A – a USD 155 million 364-day Secured Committed Multicurrency Borrowing Base Revolving Credit Facility;

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.


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