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Fri 25 Sep 2009, 07:32 GMT

Aegean announces $50 million credit facility


Supplier signs new credit facility, guarantee, and letter of credit with National Bank of Greece.

Aegean Marine Petroleum Network Inc. has announced that it has signed a new $50 million senior secured revolving credit facility, guarantee, and letter of credit with National Bank of Greece, the largest commercial bank in Greece.

Aegean now has access to a total of $340 million in senior secured revolving credit facilities. The new $50 million facility has a term of one year and can be renewed on each anniversary upon the Company's request and the lender's approval.

Commenting on the news, E. Nikolas Tavlarios, President, said, "We are pleased to once again secure a credit facility and strengthen our considerable financial flexibility during a credit market that remains challenging. By signing this new $50 million facility, we have diversified our funding sources, expanded our banking relationships and further strengthened our working capital, a key differentiator of the Company.

"With credit facilities totalling $340 million, we remain in a strong position to continue to take advantage of the worldwide demand for our comprehensive marine fuel services. We intend to continue to actively look for opportunities to both grow our existing markets and enter into new markets as we seek to further increase sales volumes."


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