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Mon 14 Dec 2009, 13:33 GMT

Aegean signs $100 million credit facility


Company plans to use its liquidity to increase market share and capitalize on 'consolidation opportunities'.

Aegean Marine Petroleum Network Inc. have today announced it has signed a new $100 million secured credit facility and letter of credit with BNP Paribas.

The facility is a one year uncommitted trade finance facility that the company considers to have competitive pricing.

Commenting on the news, E. Nikolas Tavlarios, President, said, "Our new $100 million credit facility significantly increases Aegean's access to capital during a challenging credit environment and further expands our relationships with global lending institutions. With this agreement, our company now has a total of $420 million in working capital credit facilities under favorable terms.

"We intend to utilize our considerable financial liquidity, a key competitive advantage for Aegean, to increase market share in our 14 existing locations and capitalize on additional consolidation opportunities that meet management's strict return criteria. In accomplishing these strategic objectives, we expect to grow future sales volumes and strengthen Aegean's leading brand for the global supply of marine fuel."

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