Aegean Expands Board, Issues 30% Stake to Mercuria

Tuesday August 21, 2018

Aegean Marine Petroleum Network Inc. [NYSE:ANW] (Aegean) has taken the next steps in its $1bn trade finance deal with Mercuria Energy Group Limited (Mercuria), including the expansion of its board and the issue of new shares to Mercuria.

As previously reported, through at least January 31, 2019 the Swiss commodity trader has agreed to provide Aegean with $1bn in revolving credit plus $30 million of additional liquidity.

In return, Mecuria gets a 30% stake in Aegean and a seat on its board.

As detailed in an SEC filing today, on August 19, 2018 Aegean and Mercuria also entered into an investment agreement and Aegean issued the 30% stake consisting of 17,458,038 os its common shares to Mecuria.

Aegean has also voted to increase the size of the board to eight members and as previous stated says it intends to appoint Mercuria’s Global Head of Structuring and Origination, David Gallagher, as a new member of the Board of Directors.

Today, the two parties also entered into an investor agreement covering various aspects of their future relationship through August 31, 2020, including a clause that states Mercuria will not obtain more than 49% of the company without making a public tender for the entire business.

Full details of the deal, along with the copies of the letter agreement and investor rights agreement, can be found here: