Aegean Eyes USD 40 Mln from Bond Issue

Greek bunker supply business Aegean Marine Petroleum Network Inc. said it intends to offer USD 40.0 million of additional 4.00% convertible senior notes due 2018 in a registered public offering. 

The new notes are expected to have the same terms as USD 86.25 million of the company’s 4.00% notes due 2018 that were issued in October 2013.

The company also intends to grant the underwriters a 30-day option to purchase up to an additional USD 6.0 million in notes due 2018.

Aegean said it would use the net proceeds from the sale for working capital required to fund its expansion into existing and new markets.

Jefferies LLC is acting as sole book-running manager for the offering.

The company announced last week that it was planing to launch physical supply and marketing operations in Germany during January 2015.

To support the move Aegean has taken over two bunkering barges that were previously under charter by bankrupt Danish marine fuel supplier OW Bunker.

Related news

List of related news articles