Tue 13 Jan 2015 07:45

Aegean announces proposed offering of $40m of 4.00% convertible senior notes


Bunker firm expects to use the proceeds from the sale of the new notes as working capital to fund its expansion into existing and new markets.

Aegean Marine Petroleum Network Inc. has announced that it intends to offer $40.0 million aggregate principal amount of additional 4.00% convertible senior notes due in 2018 in a registered public offering.

The new notes are expected to have the same terms as, be fungible with, and form a single series with, $86.25 million aggregate principal amount of the company's 4.00% convertible senior notes due 2018 that were issued in October 2013, all of which remain outstanding.

Aegean says it also intends to grant the underwriters a 30-day option to purchase up to an additional $6.0 million in aggregate principal amount of the 4.00% convertible senior notes due in 2018. Upon conversion, noteholders are to receive, at the company's option, shares of Aegean's common stock, cash or a combination of shares and cash.

Aegean says it expects to use the net proceeds from the sale of the new notes for working capital required to fund its expansion into existing and new markets.

Jefferies LLC is acting as sole book-running manager for the offering.
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