World News
Aegean Looks to Raise $42M to Fund Expansion Plans
Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) Tuesday announced a public offering of $42 million of debt instruments to the market as it expands into new markets.
"The Company expects to use the net proceeds from the sale of the new notes for working capital required to fund its expansion into existing and new markets," said Aegean of its reasons for issuing the new debt.
The move adds almost 50 percent to the current aggregate principal amount of $86.25 million outstanding on its 4.00% Convertible Senior Notes.
The public offering, which was Tuesday increased to $42 million from the $40 million announced Monday, is expected to close January 16, 2015.
The company said it had granted underwriters 30-day options for a further $6.3 million worth of notes, which could take the total debt issuance beyond $42 million if exercised.
In recent months Aegean has announced expansion in U.S. markets, including the take over of OW Bunker operations in Los Angeles and the Gulf of Mexico as well as through the purchase of Hess Corp.'s East Coast bunkering business in late 2013.
Most recently, this month Aegean announced it was beginning physical supply operations in Germany from a new office in Hamburg, having again taken over tankers formerly chartered by OW Bunker.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 623.50 | 1.00 | 726.50 | 0.50 |
| Rotterdam | 566.00 | 3.50 | 737.00 | 2.50 |
| Houston | 585.00 | 8.00 | 750.00 | 12.50 |
| Fujairah | 628.00 | 1.00 | 881.00 | 2.00 |
| Global 20 Ports Average | 636.00 | 3.50 | 815.50 | 4.50 |
| Global 4 Ports Average | 600.50 | 3.50 | 773.50 | 4.50 |
| Global Average Bunker Price | 690.00 | 1.50 | 876.50 | 5.00 |
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