Fri 18 Sep 2015, 09:50 GMT

Aegean renews revolving credit facilities worth $1.25bn


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 US$1 billion secured global borrowing base multicurrency revolving credit facility.

The bunker supplier said in a statement that all of the participating lenders had agreed to renew their commitments to Aegean "at improved terms in line with market conditions".

In addition to the global borrowing base, Aegean also announced that it has renewed its US$250 million secured U.S. borrowing base revolving credit facility at a reduced interest rate.

Aegean said that the U.S. borrowing base is to be used to finance the company's operations in the United States, whilst both borrowing base facilities will continue to be used for the financing of working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil.

E. Nikolas Tavlarios, president of the company, remarked: "We appreciate the interest of our lenders and their confidence in our business model and ability to execute our strategy, which is focused on achieving profitable revenue growth and increased global market share."

The global borrowing base renewal was arranged by ABN AMRO as active bookrunning mandated lead arranger. ABN AMRO also acted as coordinator and 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, Emirates NBD, and Arab Bank.

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


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