Greek marine fuel logistics company Aegean Marine Petroleum Network has reached an agreement for a new credit facility in the amount of USD 750 million for a term of three years.
Seven of the nine participating lenders updated their commitments to Aegean at improved terms and increased tenor with two new banks joining the new secured global borrowing base multicurrency revolving credit facility.
The company informed that the three-year global borrowing base also includes an “accordion” option for an additional USD 250 million and replaces the company’s outgoing one-year USD 1 billion facility. In concert with Aegean’s USD 250 million secured US borrowing base revolving credit facility, which was renewed earlier this year, the global borrowing base is expected to finance the company’s global working capital needs.
“This new, three-year facility, on improved terms with a strong syndicate of international banks is a true testament to the strength of Aegean’s global network. We believe it will provide flexibility to continue executing our strategy,” Jonathan McIlroy, President of Aegean, said.
“We believe that the decision by our bank lenders to contribute to the credit facility underscores their confidence in the strength of our global platform and ability to generate significant long-term value,” Spyros Gianniotis, Chief Financial Officer of Aegean, added.