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Wed 21 Sep 2016, 09:25 GMT

Aegean renews credit facilities worth $1.25 billion


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 $1 billion secured global borrowing base multicurrency revolving credit facility. The 'vast majority' of the existing participating lenders are said to have updated their commitments to Aegean on improved terms.

In addition to the global borrowing base, Aegean also announced that it has renewed its $250 million secured U.S. borrowing base revolving credit facility on improved terms. The company says it expects to continue to use its U.S. borrowing base, in part, to finance its operations in the United States.

Aegean says it expects both borrowing base facilities to continue to be used for the financing of the its working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil for the company's global and U.S. businesses.

Commenting on the developments, E. Nikolas Tavlarios, President of Aegean, said: "We are pleased to reach this agreement with our lenders as we believe it provides Aegean with ample financial flexibility to continue executing our strategy."

Spyros Gianniotis, Chief Financial Officer of Aegean, remarked: "We believe that the decision by our bank lenders to renew and contribute to the credit facilities underscores their confidence in the strength of our global platform and ability to generate significant value. We appreciate their continued support as we execute our strategy, serve our global customers and seek to drive profitable growth."

The global borrowing base renewal was arranged by ABN AMRO as sole lead arranger, bookrunner and syndication agent. ABN AMRO also acted again as 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 and Emirates NBD.

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

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