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Aegean Marine Petroleum Network Inc. has announced that it has signed a new secured global borrowing base multicurrency revolving credit facility worth $750 million for a term of three years.

The credit facility also includes an accordion option for an additional $250 million and replaces the company's outgoing one-year $1 billion facility.

Seven of the nine participating lenders are said to have updated their commitments to Aegean at improved terms, with two new banks also joining the facility.

Aegean said the new global borrowing base will be used to finance the company's working capital requirements - in addition to the $250 million secured U.S. borrowing base revolving credit facility that was renewed earlier this year.

Jonathan McIlroy, President of Aegean, said: "We are extremely pleased to reach this agreement with our lenders. This new, three-year facility, on improved terms with a strong syndicate of international banks is a true testament to the strength of Aegean's global network. We believe it will provide flexibility to continue executing our strategy."

Spyros Gianniotis, Chief Financial Officer of Aegean, remarked: "We believe that the decision by our bank lenders to contribute to the credit facility underscores their confidence in the strength of our global platform and ability to generate significant long-term 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 was arranged by ABN AMRO as active bookrunning mandated lead arranger. ABN AMRO also acted as agent in all capacities.

The lending group includes: ABN AMRO, BNP Paribas (Suisse) SA, KBC Bank NV, NATIXIS, The Bank of Tokyo-Mitsubishi UFJ, Ltd., HSH Nordbank AG, Belfius Bank NV/SA, Credit Suisse (Switzerland) Ltd and Mashreqbank PSC.