Wed 21 Sep 2016, 09:25 GMT

Aegean renews credit facilities worth $1.25 billion


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 $1 billion secured global borrowing base multicurrency revolving credit facility. The 'vast majority' of the existing participating lenders are said to have updated their commitments to Aegean on improved terms.

In addition to the global borrowing base, Aegean also announced that it has renewed its $250 million secured U.S. borrowing base revolving credit facility on improved terms. The company says it expects to continue to use its U.S. borrowing base, in part, to finance its operations in the United States.

Aegean says it expects both borrowing base facilities to continue to be used for the financing of the its working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil for the company's global and U.S. businesses.

Commenting on the developments, E. Nikolas Tavlarios, President of Aegean, said: "We are pleased to reach this agreement with our lenders as we believe it provides Aegean with ample financial flexibility to continue executing our strategy."

Spyros Gianniotis, Chief Financial Officer of Aegean, remarked: "We believe that the decision by our bank lenders to renew and contribute to the credit facilities underscores their confidence in the strength of our global platform and ability to generate significant 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 renewal was arranged by ABN AMRO as sole lead arranger, bookrunner and syndication agent. ABN AMRO also acted again as 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 and Emirates NBD.

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


Clippership 24-metre class autonomous wind-powered vessel. RINA approves design for Clippership's 24-metre autonomous wind-powered cargo vessel  

Classification society to supervise construction of zero-emission ship featuring twin rigid wings for transatlantic operations.

CMA CGM Antigone vessel. Bureau Veritas classes first methanol dual-fuel boxship as CMA CGM takes delivery  

The 15,000-teu CMA CGM Antigone was built by CSSC Jiangnan Shipyard in China.

AiP award ceremony for floating nuclear plant design. Samsung Heavy Industries' floating nuclear plant design wins ABS approval  

Concept features twin KAERI small modular reactors and a compartmentalised layout to support offshore nuclear power generation.

Claire-Celine Bausager Jørgensen, Dan-Bunkering. Dan-Bunkering Europe appoints Claire-Celine Bausager Jørgensen as senior fuel supplier  

Jørgensen returns to bunker trading after several years in the company's HR department.

CMA CGM Tivoli vessel. DHL and CMA CGM partner on 8,990-tonne biofuel purchase for ocean freight decarbonisation  

Logistics and shipping firms to use UCOME biofuel, targeting 25,000-tonne CO2e reduction.

FincoEnergies Logo. Glencore to acquire majority stake in Dutch marine fuel supplier FincoEnergies  

Transaction expected to complete in Q2 2026, subject to EU anti-trust approval.

CMA CGM Eugenie naming ceremony. CMA CGM names 15,000-teu methanol-fuelled containership CMA CGM Eugenie  

Vessel to operate on Phoenician Express service linking Asia, Middle East, and Mediterranean.

Christian Larsen, Island Oil. Island Oil appoints Christian Larsen as senior trader in Denmark expansion  

Marine fuel supplier establishes operations in Denmark as part of expansion strategy.

HIF Global and Government of Uruguay MoU signing. HIF Global signs Uruguay agreement to advance US$5.3bn e-fuels facility in Paysandú  

Memorandum sets roadmap for final investment decision on plant targeting 880,000 tonnes annual production.

CMAL vessel. Corvus Energy wins largest-ever contract for seven electric Scottish ferries  

Battery systems supplier secures record order from Remontowa Shipbuilding for CMAL's Small Vessel Replacement Program.