Aegean Renews $1 Billion Global and $250 Million U.S. Credit Facilities

Aegean says it has renewed its Global Borrowing Base and U.S. Borrowing Base.

Aegean Marine Petroleum Network Inc. (Aegean) today announced that it has renewed its $1 billion Secured Global Borrowing Base Multicurrency Revolving Credit Facility (Global Borrowing Base), as well as its $250 million Secured U.S. Borrowing Base Revolving Credit Facility (U.S. Borrowing Base).

"We are pleased to reach this agreement with our lenders as we believe it provides Aegean with ample financial flexibility to continue executing our strategy," said E. Nikolas Tavlarios, President of Aegean.

The majority of participants in Aegean's Global Borrowing Base lending group, which includes ABN AMRO Bank N.V. (ABN AMRO), BNP Paribas, KBC, NATIXIS, Rabobank, ING Group (ING), Société Générale S.A. (Société Générale), Belfius Bank (Belfius), National Bank of Greece, Credit Suisse Group (Credit Suisse), Mashreqbank psc (Mashreqbank), and Emirates NBD, are said to have provided Aegean improved terms in-line with market conditions.

The U.S. Borrowing Base renewal lending group, noted to include ABN AMRO, BNP Paribas, NATIXIS, ING, Macquarie, and Société Générale, is said to have provided Aegean with improved terms as well.

Aegean notes that it plans to continue to use its U.S. Borrowing Base, in part, to finance its U.S. operations, while both borrowing base facilities are expected to continue to be used to finance Aegean's working capital needs related to the purchase, transportation, storage, and sale of fuel and gas oil for its global and U.S. businesses.

"We believe that the decision by our bank lenders to renew and contribute to the credit facilities underscores their confidence in the strength of our global platform and ability to generate significant value," said Spyros Gianniotis, CFO for Aegean.

"We appreciate their continued support as we execute our strategy, serve our global customers and seek to drive profitable growth."

The announcement comes on the heels of news that Aegean had completed the repurchase of 11,303,031 shares after Aegean's founder Dimitris Melissanidis stepped down from his role as Head of Corporate Development.