Aegean Marine Petroleum Network Inc. Announces New Three-Year Secured Global Borrowing Base Multicurrency Revolving Credit Facility for $750 million
Aegean Marine Petroleum Network Inc. announced that it has successfully signed a new Secured Global Borrowing Base Multicurrency Revolving Credit Facility in the amount of $750 million for a term of three years (the “Global Borrowing Base” or “Facility”). Seven of the nine participating lenders updated their commitments to Aegean at improved terms and increased tenor with two new banks joining the Facility.
The three-year Global Borrowing Base also includes an “accordion” option for an additional $250 million and replaces the Company’s outgoing one-year $1 billion facility. In concert with our $250 million Secured U.S. Borrowing Base Revolving Credit Facility (the “U.S. Borrowing Base”), which was renewed earlier this year, the Global Borrowing Base is expected to finance the global working capital needs of the Company.
Jonathan McIlroy, President of Aegean, said, “We are extremely pleased to reach this agreement with our lenders. This new, three-year facility, on improved terms with a strong syndicate of international banks is a true testament to the strength of Aegean’s global network. We believe it will provide flexibility to continue executing our strategy.”
Spyros Gianniotis, Chief Financial Officer of Aegean, stated, “We believe that the decision by our bank lenders to contribute to the credit facility underscores their confidence in the strength of our global platform and ability to generate significant long-term 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 was arranged by ABN AMRO as Active Bookrunning Mandated Lead Arranger. ABN AMRO also acted as Agent in all capacities. The lending group includes the following banks: ABN AMRO, BNP Paribas (Suisse) SA, KBC Bank NV, NATIXIS, The Bank of Tokyo-Mitsubishi UFJ, Ltd., HSH Nordbank AG, Belfius Bank NV/SA, Credit Suisse (Switzerland) Ltd and Mashreqbank PSC.
Source: Aegean Marine Petroleum Network