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Aegean Marine Petroleum Network Inc. has announced it has received a commitment letter for a new $300 million senior secured revolving and letter of credit facility.

The two-year facility, underwritten by HSH Nordbank AG and The Royal Bank of Scotland plc, is subject to the execution of final documentation.

Under the terms of the commitment, the facility will bear interest at LIBOR plus a margin of 0.50% for documentary letters of credit, 1.50% for standby letters of credit and guarantee, and 2.50% for direct borrowings.

The facility also has an accordion feature by which Aegean can increase the availability under the facility subject to lender commitments.

Upon closing of the new facility, Aegean will have a total of $320 million in senior secured revolving credit facilities.

Commenting on the news, E. Nikolas Tavlarios [pictured], President, said "We are pleased to secure a new $300 million credit facility on attractive terms during a challenging credit environment. The new facility, which provides ample liquidity to manage both the fluctuation in marine fuel prices and procurement of supply in large quantities, highlights Aegean's leading industry reputation and underscores the company's strong banking relationships.

By further strengthening our working capital base, a key differentiator for Aegean, we plan to continue to take advantage of the strong worldwide demand for our comprehensive marine fuel services and further expand sales volumes. We also intend to utilize our considerable financial flexibility to capitalize on additional growth opportunities that best serve the interests of our shareholders."