Aegean Renews its $1 Billion Borrowing Base

by Ship & Bunker News Team
Monday September 21, 2015

Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) last week said it has renewed both its $1-billion Secured Global Borrowing Base Multicurrency Revolving Credit Facility as well as its U.S. credit facility.

The $250-million Secured U.S. Borrowing Base will continue to finance operations in that country, and both bases will be used to finance working capital requirements for fuel and gas oil purchase, transportation, and storage.

Aegean's lenders, which include ABN AMRO, BNP Paribas, KBC, and other banks, were said to have provided improved terms reflecting market conditions.

Details of those terms were not disclosed.

E. Nikolas Tavlarios, president of Aegean, thanked the lenders for their confidence in his firm's business model, "which is focused on achieving profitable revenue growth and increased global market share."

Last year, following the collapse of OW Bunker, Nasdaq said Aegean's business model enables it to operate "more like a retailer than what many think of when they think of a company in the oil business", and it added that the company was set for strong growth.

Earlier this year, Aegean announced it would commence marketing operations in Russia, thanks to taking on five "seasoned professionals" previously employed by OW Bunker.

Ship & Bunker News Team
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