Americas News
Aegean Gets $150M Facility to Support U.S. Expansion
Aegean Marine Petroleum Network Inc. [NYSE:ANW] (Aegean) says it will support its U.S. expansion with a $150 million working capital facility from ABN AMRO Capital USA LLC (ABN AMRO).
The money will go toward the working capital requirements of Aegean Bunkering (USA) LLC, the entity Aegean Marine formed with the acquisition of Hess Corp. [NYSE:HES]'s U.S. East Coast bunkering business.
"This $150 million working capital facility will support our expansion into the U.S. as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," said President E. Nikolas Tavlarios.
Tavlarios said Aegean was able to complete the acquisition of the U.S. business in just over a month with ABN AMRO's support.
"This facility underscores our good relationship with ABN AMRO and its confidence in Aegean Marine's business model as well as our ability to execute according to plan," he said.
"We appreciate ABN AMRO's continued support."
Aegean has said the acquisition will increase its market and help it expand its exposure to U.S. companies with a global presence.
