World News
Aegean Announces Syndication of its $800 Million Credit Facility
Marine fuel supplier Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) yesterday announced the launch of the syndication of its secured, multi-currency revolving credit facilities, and $800 million has been subscribed to date.
Aegean said the credit will be used for working capital, is being provided by eight banks with experience in commodity and trade financing, including some that have an existing relationship with Aegean and others that requested early participation in the process.
The bookrunning mandated lead arrangers (BMLAs) for the deal are ABN AMRO Bank N.V. and BNP Paribas.
"We appreciate the interest of our lenders and their confidence in our ability to execute our strategy, which is focused on achieving profitable revenue growth and increased global market share," said President E. Nikolas Tavlarios.
"We have significantly enhanced our financial flexibility and we believe our strong financial position is a key competitive advantage.
"These new credit facilities represent a significant milestone and position Aegean to continue to capitalize on emerging opportunities to expand our business."
Aegean said recently that it is working to have more cash on hand as it refocuses the business on core investments.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 489.00 | 2.00 | 583.50 | 9.00 |
| Rotterdam | 439.00 | 6.00 | 587.50 | 6.00 |
| Houston | 437.50 | 6.00 | 597.00 | 4.50 |
| Fujairah | 478.00 | 9.00 | 703.50 | 7.50 |
| Global 20 Ports Average | 513.50 | 4.00 | 694.50 | 2.50 |
| Global 4 Ports Average | 461.00 | 5.50 | 618.00 | 6.50 |
| Global Average Bunker Price | 559.50 | 0.00 | 739.50 | 3.50 |
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