Aegean Marine Petroleum Network Inc Announces Transformative Transaction with Mercuria Energy Group
August 16 2018 - 8:00AM
Business Wire
Aegean Marine Petroleum Network Inc. (NYSE:ANW) (“Aegean”
or the “Company”) announced today that Mercuria Energy Group
Limited, together with its affiliates (“Mercuria”), became
the sole lender under the Company’s U.S. and global revolving
credit facilities (the “Trade Finance Facility”), as
contemplated by the previously announced Memorandum of
Understanding (“MOU”). Mercuria and the Company have
executed a letter agreement (the “Letter Agreement”)
detailing the US$30 million of incremental liquidity Mercuria is
providing to the Company by way of amendments and waivers to the
Trade Finance Facility and other financing arrangements. With this
significant step completed, the two parties intend to begin
exploring a broader, global strategic partnership. Pursuant to the
MOU, Mercuria will provide US$250 million and US$750 million in
revolving credit facilities to finance the U.S. and global
businesses, respectively, through at least January 31, 2019.
“We are delighted to have completed this transformative
transaction with Mercuria, one of the world’s largest independent
energy and commodity companies, in just a month,” said Aegean
Chairman and independent director of the Board, Donald Moore.
“Beyond providing increased near-term liquidity and flexibility to
our operations, this transaction remakes the Company’s capital
structure for the long-term benefit of all stakeholders, including
Aegean’s customers, suppliers, employees and shareholders.”
Under the terms of the agreements, Aegean will issue to Mercuria
new shares equal to 30% of its common stock (on a pro-forma basis),
and expects to appoint David Gallagher as a new member of the
Company’s Board of Directors. Mr. Gallagher is Mercuria’s Global
Head of Structuring and Origination, and prior to joining Mercuria
in 2016, was Global Head of Commodities Structuring and EMEA Head
of Corporate Originations at Goldman Sachs.
As previously disclosed, under the terms of the MOU, Mercuria
has the exclusive right to pursue a broader strategic partnership
transaction with the Company until January 31, 2019.
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 more than
30 markets and a team of professionals ready to serve its customers
wherever they are around the globe. For additional information
please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains “forward-looking” statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in
nature, that depend upon or refer to future events or conditions,
or that include words such as “expects,” “anticipates,” “intends,”
“plans,” “believes,” “estimates,” “will,” and similar expressions
are forward-looking statements. For example, statements regarding
the transactions contemplated by the MOU and Letter Agreement,
including financings, operational services, trading and hedging
arrangements and other support that may be provided by Mercuria to
Aegean, are forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties that may cause
actual future results to differ materially from those projected or
contemplated in the forward-looking statements. These risks and
uncertainties include, but are not limited to, the ability to
negotiate final documentation. retain Aegean customers, suppliers
and vendors, the ability to manage our liquidity and satisfy our
debt obligations as they become due, and the other risks and
uncertainties disclosed in our filings with the Securities and
Exchange Commission. Given the risks and uncertainties inherent in
forward-looking statements, you are cautioned not to place undue
reliance on any of our forward-looking statements. Forward-looking
statements speak only as of the date on which the statements are
made. Aegean undertakes no duty, and expressly disclaims any
obligation, to update these forward-looking statements to reflect
any future events, developments or otherwise.
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AEGEAN INVESTOR:Aegean Marine Petroleum Network Inc.Tel.
+1-212-430-1098Email: investor@ampni.comorAEGEAN
MEDIA:Gagnier CommunicationsDan
Gagnier+1-646-569-5897dg@gagnierfc.com