American Petroleum to launch $280 million credit facility on Tuesday

By Sara Rosenberg

New York, March 18 - American Petroleum Tankers Parent LLC is scheduled to hold a bank meeting at 2 p.m. ET on Tuesday to launch its $280 million senior secured credit facility, according to a market source.

Bank of America Merrill Lynch is the lead bank on the deal.

The facility consists of a $10 million five-year revolver and a $270 million 61/2-year term loan.

Proceeds will be used to redeem the company's existing 10¼% first-priority senior secured notes due 2015.

With the transaction, the company expects to convert to equity its $455.5 million second-lien credit facility, for which Blackstone Corporate Debt Administration LLC is the administrative agent.

American Petroleum is a Plymouth Meeting, Pa.-based provider of Jones Act marine transportation services for refined petroleum products, crude oil and chemicals.

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