American Petroleum to redeem 10¼% notes due 2015 with loan proceeds

By Toni Weeks

San Luis Obispo, Calif., March 15 - American Petroleum Tankers Parent LLC plans to redeem its 10¼% first-priority senior secured notes due 2015 with the proceeds of a new credit facility, according to a press release.

The company is contemplating obtaining a new $280 million senior secured credit facility consisting of a $10 million five-year revolving credit facility and a $270 million 6.5-year term loan.

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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