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Sealed in a month: Mercuria takes 30% stake in Aegean as refinancing transaction is agreed

Mercuria still also has the exclusive right to pursue a broader strategic partnership until January 31, 2019.



Image credit: Pixabay CC0


Updated on 16 Aug 2018 14:14 GMT

Mercuria Energy Group, together with its affiliates, has become the sole lender of Aegean Marine Petroleum Network Inc. under the bunker firm's existing revolving credit facilities, as contemplated by the previously announced memorandum of understanding (MoU).

A letter agreement has been signed by both companies detailing the $30 million of increased liquidity that Mercuria will be making available to Aegean.

Pursuant to the MoU, Mercuria will provide $250m and $750m ($1 billion in total) in revolving credit facilities to finance the US and global businesses, respectively, up until at least January 31, 2019.

Under the terms of the agreements, Aegean will issue to Mercuria new shares equal to 30 percent of its common stock (on a pro-forma basis), and expects to appoint David Gallagher as a new member of the company's board of directors.

Gallagher is Mercuria's Global Head of Structuring and Origination, and prior to joining Mercuria in 2016, was Global Head of Commodities Structuring and EMEA Head of Corporate Originations at Goldman Sachs.

The two firms now intend to "begin exploring a broader, global strategic partnership", Aegean said.

As previously disclosed, under the terms of the MoU, Mercuria still also has the exclusive right to pursue a broader strategic partnership transaction with the marine fuel seller until January 31, 2019.

Commenting on the deal, Aegean chairman and independent director of the board, Donald Moore, said: "We are delighted to have completed this transformative transaction with Mercuria, one of the world's largest independent energy and commodity companies, in just a month.

"Beyond providing increased near-term liquidity and flexibility to our operations, this transaction remakes the company's capital structure for the long-term benefit of all stakeholders, including Aegean's customers, suppliers, employees and shareholders."






Related Links:

Mercuria in MoU with Aegean to provide $1bn refinancing and secure 30% stake
Aegean shares more than triple following Mercuria MoU
Aegean Marine Petroleum S.A.

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