Tue 24 Sep 2013, 22:18 GMT

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.


ClearMariner homepage. ClearMariner expands maritime sanctions screening with ESG, emissions and API support  

Online service now combines sanctions checks with voyage CO₂, CII, EU ETS and FuelEU Maritime estimates.

Long Jing Xin, Flex Commodities. Flex Commodities adds Long Jing Xin to Singapore marine fuels team  

Company appoints associate for marine fuels as part of plan for regional expansion.

CMA CGM logo. CMA CGM recruiting risk manager to oversee oil, gas and CO₂ exposure in energy and bunkering unit  

Container line seeks senior hire for hedging, stress testing and fuel purchasing performance oversight.

Mineral Europa vessel. CMB.Tech's Mineral Europa starts maiden voyage as first ammonia-powered dry bulk vessel  

Ship is bound for Australia, with 21 ammonia-powered vessels due to join its fleet by 2029.

Launching ceremony of vessel with builder's hull no. 0330006. New Times Shipbuilding launches 299,500-DWT LNG dual-fuel crude oil tanker  

Sixth vessel in series launched in Jiangsu province, China.

Closing ceremony of vessel with builder's hull no. 0208123. LNG dual-fuel boxship handed over to Eastern Pacific Shipping  

Closing ceremony held for 8,400-TEU vessel in Jiangsu province.

Keel-laying ceremony of vessel with builder's hull no. CHB2085. Changhong International lays keel of third 3,100-TEU boxship for Costamare Shipping  

Feeder vessel to feature scrubber system, supporting the use of high-sulphur fuel oil.

Launching ceremony of vessel with builder's hull no. CHB3015. Changhong International launches fifth 115,000-tonne product tanker for Navios  

Vessel is designed for future methanol or LNG use and includes provision for medium-voltage shore power.

ABS and DOE sign MoU. ABS and US Department of Energy sign MoU on maritime nuclear applications  

Agreement covers floating nuclear power, nuclear-powered vessels and the port and shipyard infrastructure needed to support them.

NMSSC visits Golden Centaurus. Singapore safety council inspects methanol bunker tanker Golden Centaurus  

NMSSC members 'encouraged' by integration of structural and operational safety into newly commissioned IMO Type II vessel.