Aegean Marine Petroleum Inc. Announces the Launch of the Syndication of its USD 800 Million Secured Multicurrency Revolving Credit Facilities

PIRAEUS, Greece, May 28, 2013 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced the launch of the syndication on a best efforts basis of its Secured Multicurrency Revolving Credit Facilities (the "Facilities"). To date, USD 800 million has been subscribed, subject to satisfactory legal documentation, by eight banks that are experienced in commodity and trade finance. Some of these banks have an existing relationship with Aegean, while others have requested early participation in the process. ABN AMRO Bank N.V. and BNP Paribas have been appointed as the Bookrunning Mandated Lead Arrangers (the "BMLAs"). Following the completion of the first stage, the BMLAs and the Company are launching the Facilities in general syndication.

The Facilities, which are comprised of three tranches, are expected to be used for the financing of working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil:

  • Tranche A – a USD 100 million 364-day Secured Committed Multicurrency Borrowing Base Revolving Credit Facility;
  • Tranche B – a USD 100 million 2-year Secured Committed Multicurrency Borrowing Base Revolving Credit Facility; and
  • Tranche C – a USD 600 million Secured Uncommitted Multicurrency Borrowing Base Revolving Credit Facility.

"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 E. Nikolas Tavlarios, President. "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."

About Aegean

Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 20 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Cape Verde, Panama, Hong Kong and Barcelona. The Company has also entered into a strategic alliance to extend its global reach to China. To learn more about Aegean, visit http://www.ampni.com.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, the outcome of the loan syndication process and our ability to draw down facilities that become committed, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors.  Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

 

SOURCE Aegean Marine Petroleum Network Inc.



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