Thu 16 Jan 2014 22:27

Aegean secures $150 million uncommitted working capital facility


Bunker supplier says the working capital facility will be used to support its expansion in the US.

Aegean Marine Petroleum Network Inc. has today announced that it has secured a $150 million uncommitted working capital facility from ABN AMRO Capital USA LLC.

In a statement, Aegean said the facility will be used to finance the working capital requirements of Aegean Bunkering (USA) LLC, which Aegean Marine recently formed to complete the acquisition of the former U.S. East Coast Bunkering business of Hess Corporation.

"This $150 million working capital facility will support our expansion into the U.S. as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," said E. Nikolas Tavlarios, President of Aegean Marine.

"We announced the acquisition on November 12th and with the support of ABN AMRO were able to complete the transaction by December 18th. This facility underscores our good relationship with ABN AMRO and its confidence in Aegean Marine's business model as well as our ability to execute according to plan. We appreciate ABN AMRO's continued support," added Tavlarios.
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