Fri 18 Sep 2015 09:50

Aegean renews revolving credit facilities worth $1.25bn


Both credit facilities - worth $1 billion and $250 million - were arranged by ABN AMRO.



Aegean Marine Petroleum Network Inc. has announced that it has successfully renewed its US$1 billion secured global borrowing base multicurrency revolving credit facility.

The bunker supplier said in a statement that all of the participating lenders had agreed to renew their commitments to Aegean "at improved terms in line with market conditions".

In addition to the global borrowing base, Aegean also announced that it has renewed its US$250 million secured U.S. borrowing base revolving credit facility at a reduced interest rate.

Aegean said that the U.S. borrowing base is to be used to finance the company's operations in the United States, whilst both borrowing base facilities will continue to be used for the financing of working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil.

E. Nikolas Tavlarios, president of the company, remarked: "We appreciate the interest of our lenders and their confidence in our business model and ability to execute our strategy, which is focused on achieving profitable revenue growth and increased global market share."

The global borrowing base renewal was arranged by ABN AMRO as active bookrunning mandated lead arranger. ABN AMRO also acted as coordinator and agent in all capacities. The lending group includes the following banks: ABN AMRO, BNP Paribas, KBC, NATIXIS, Rabobank, ING, Societe Generale, Belfius, National Bank of Greece, Credit Suisse, Mashreqbank, Emirates NBD, and Arab Bank.

The U.S. borrowing base renewal was also arranged by ABN AMRO as sole lead arranger, bookrunner and syndication agent. ABN AMRO also acted as agent in all capacities. The lending group includes the following banks: ABN AMRO, BNP Paribas as Co-Agent, Natixis, Rabobank, ING, Macquarie and Societe Generale.


Product tanker Artizen, owned by Hong Lam Marine. Hong Lam Marine takes delivery of Artizen tanker in Japan  

Singapore-based firm receives new vessel from Kegoya Shipyard.

Birdseye view of containership. Panama Canal launches NetZero Slot to incentivize low-emission transits  

New reservation category prioritizes dual-fuel vessels capable of using alternative fuels from November.

Van Oord's Vox Apolonia. Van Oord deploys bio-LNG dredger for Dutch coastal project  

First bio-LNG powered trailing suction hopper dredger operation begins in the Netherlands.

Model testing for Green Handy methanol-powered vessel. Methanol-fuelled Green Handy ships pass model tests ahead of 2026 construction  

Baltic carrier reports model testing exceeded performance targets for 17,000 dwt methanol-powered vessels.

Miguel Hernandez and Olivier Icyk at AiP for FPSO. SBM Offshore's floating ammonia production design gets ABS approval  

Design converts offshore gas to ammonia while capturing CO2 for maritime and power sectors.

Philippe Berterottière and Matthieu de Tugny. GTT unveils cubic LNG fuel tank design for boxships with BV approval  

New GTT CUBIQ design claims to reduce construction time and boost cargo capacity.

Wilhelmshaven Express, Hapag-Lloyd. Hapag-Lloyd secures multi-year liquefied biomethane supply deal with Shell  

Agreement supports container line's decarbonisation strategy and net-zero fleet operations target by 2045.

Dual-fuel ship. Dual-fuel vessels will dominate next decade, says Columbia Group  

Ship manager predicts LNG-powered vessels will bridge gap until zero-carbon alternatives emerge.

Stril Poseidon vessel. VPS campaign claims 12,000 tonnes of CO2 savings across 300 vessels  

Three-month efficiency drive involved 12 shipping companies testing operational strategies through software platform.

Birdseye view of a ship. Gard warns of widespread cat fines surge in marine fuel  

Insurer reports elevated contamination levels, echoing VPS circular in early September.