Aegean Marine Petroleum Network 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 updated 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 $250 Million Secured U.S. Borrowing Base Revolving Credit Facility on improved terms. The Company expects to continue to use its U.S. Borrowing Base, in part, to finance its operations in the United States.
Both borrowing base facilities are also expected to continue to be used for the financing of the Company’s 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.
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, stated, “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.