Aegean Marine Petroleum arranges $1 billion multicurrency revolver

By Toni Weeks

San Luis Obispo, Calif., Sept. 24 - Aegean Marine Petroleum Network Inc. closed on a $1 billion syndicated secured borrowing base multicurrency revolving credit facility on Tuesday, according to a press release.

The facility is comprised of three tranches, as follows:

• A $155 million 364-day secured committed multicurrency borrowing base revolving credit facility, which carries two extension options for 364 days each;

• A $115 million two-year secured committed multicurrency borrowing base revolver, which has one 364-day extension option; and

• A $730 million secured uncommitted multicurrency borrowing base revolver.

Proceeds will be used for the financing of the company's working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil.

ABN AMRO and BNP Paribas were the active bookrunning mandated lead arrangers. ABN AMRO was also the coordinator and agent.

Of the 16 banks participating, eight were new to the lender syndicate, said chief financial officer Spyros Gianniotis in the release.

Aegean, based in Piraeus, Greece, is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea.

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