Aegean Marine Petroleum Renews USD 1.2 Bn Loan

Marine fuel logistics company Aegean Marine Petroleum Network has renewed its USD 1 billion secured global borrowing base multicurrency revolving credit facility under improved terms, the company informed. 

In addition to the global borrowing base Aegean also announced that it has renewed its USD 250 million secured U.S. borrowing base revolving credit facility at a reduced interest rate. The U.S. borrowing base is intended to continue to finance the company’s operations in the United States.

Both borrowing base facilities will also 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, the company explained.

E. Nikolas Tavlarios, Aegean Marine Petroleum Network’s President, commented, “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.  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 secured by the following banks: ABN AMRO, BNP Paribas as Co-Agent, Natixis, Rabobank, ING, Macquarie and Societe Generale.

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