Aegean Marine renews $1.25bn in financing

Aegean Marine renews $1.25bn in financing

Aegean Marine Petroleum Network has renewed $1.25bn in financing from its lenders, which will be used for working capital.

The NYSE-listed firm renewed its $1bn secured global borrowing base multicurrency revolving credit facility with its lenders, most of whom updated their commitments at “improved terms”, the company said.

ABN AMRO led the lender consortium, which also comprises BNP Paribas, KBC, NATIXIS, Rabobank, ING, Societe Generale, Belfius, National Bank of Greece, Credit Suisse, Mashreqbank and Emirates NBD.

Aegean has also renewed its $250m secured US borrowing base revolving credit facility on “improved terms”, which will continue to be used to finance Aegean’s operations in the US.

ABN AMRO led the lending group, which also included BNP Paribas, NATIXIS, ING, Macquarie and Societe Generale.

“We believe that the decision by our bank lenders to renew and contribute to the credit facilities underscores their confidence in the strength of our global platform and ability to generate significant value,” Spyros Gianniotis, Aegean’s CFO, said in a release.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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