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.


Dorthe Bendtsen and Anders Grønborg. Bunker Holding to absorb Baseblue into KPI OceanConnect by April 2026  

Integration follows earlier Hong Kong merger and aims to streamline operations and strengthen regional teams.

Chimbusco Pan Nation (CPN) new logo. CPN unveils new brand identity after 34 years in marine fuel supply  

Hong Kong bunker supplier launches rebrand centered on 'continuous evolution' and sustainable fuel solutions.

Aicha Azad, Flex Commodities. Flex Commodities hires Aicha Azad as trader in Dubai  

Bunker firm appoints multilingual trader with bunker trading and cargo operations experience.

Desk calendar with the word “TAX”. 'Excess' fossil fuel profits should be taxed and given back to citizens, says T&E  

Campaign group calls for sustained taxes on excess profits or end to subsidies that keep demand high.

NYK Line’s Padma Leader vessel. Imabari Shipbuilding delivers LNG-fuelled car carrier to NYK Line  

Padma Leader expected to achieve up to 30% CO2 reduction through dual-fuel propulsion and exhaust gas recirculation.

Tallink’s MyStar vessel. Tallink targets full bio-LNG transition for Baltic shuttle vessels within a year  

Estonian ferry operator aims to replace all fossil LNG with renewable fuel on the Helsinki-Tallinn route.

Grimaldi's Grande Melbourne vessel. Grimaldi takes delivery of third ammonia-ready car carrier from Chinese shipyard  

Grande Melbourne is the third of seven vessels ordered from Shanghai Waigaoqiao Shipbuilding for Asia-Europe service.

BPCL and Cochin Port sign MoU. BPCL and Cochin Port sign MoU for LNG bunkering facilities  

Indian oil company and port authority agree to develop LNG refuelling infrastructure for vessels.

ClassNK Guidelines front cover. ClassNK publishes world-first guidelines for membrane-based onboard CO2 capture systems  

Classification society expands guidelines to cover membrane separation method for capturing ship exhaust emissions.

April Tan, Flex Commodities. Flex Commodities hires April Tan as lead trader for China  

Dubai-based marine fuels trader appoints experienced professional to Singapore office to drive regional expansion.