NEW YORK, Sept. 20, 2016 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company")
today announced that it has successfully renewed its $1 Billion Secured Global Borrowing Base
Multicurrency Revolving Credit Facility (the "Global Borrowing
Base"). The vast majority of the existing participating
lenders updated their commitments to Aegean at improved terms
in-line with market conditions.
In addition to the Global Borrowing Base, Aegean also announced
that it has renewed its $250 Million
Secured U.S. Borrowing Base Revolving Credit Facility (the "U.S.
Borrowing Base") on improved terms. The Company expects to
continue to use its U.S. Borrowing Base, in part, to finance its
operations in the United
States.
Both borrowing base facilities are also expected to continue to
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 for the Company's global and U.S. businesses.
E. Nikolas Tavlarios, President
of Aegean, said, "We are pleased to reach this agreement with our
lenders as we believe it provides Aegean with ample financial
flexibility to continue executing our strategy."
Spyros Gianniotis, Chief
Financial Officer of Aegean, stated, "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. We
appreciate their continued support as we execute our strategy,
serve our global customers and seek to drive profitable
growth."
The Global Borrowing Base renewal was arranged by ABN AMRO as Sole Lead Arranger, Bookrunner and
Syndication Agent. ABN AMRO also
acted again as Agent in all capacities. The lending group includes
the following banks: ABN AMRO, BNP
Paribas, KBC, NATIXIS, Rabobank, ING, Societe Generale, Belfius,
National Bank of Greece, Credit
Suisse, Mashreqbank and Emirates NBD.
The U.S. Borrowing Base renewal was also arranged by
ABN AMRO as Sole Lead Arranger,
Bookrunner and Syndication Agent. ABN
AMRO also acted again as Agent in all capacities. The
lending group includes the following banks: ABN AMRO, BNP Paribas, NATIXIS, ING, Macquarie
and Societe Generale.
About Aegean Marine Petroleum Network Inc.
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 over than
30 markets and a team of professionals ready to serve our customers
wherever they are around the globe. For additional information
please visit: 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 successfully consummate,
integrate and realize the expected benefits from acquisitions, our
ability to successfully consummate proposed transactions, 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,
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, our ability to attract and
retain senior management and other key employees, and other
factors. Please see our filings with the U.S. Securities and
Exchange Commission for a more complete discussion of these and
other risks and uncertainties. We undertake no obligation to update
any forward-looking statement to reflect events or circumstances
after the date on which such statement is made or to reflect the
occurrence of unanticipated events, except as otherwise required by
applicable law.
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SOURCE Aegean Marine Petroleum Network Inc.