NEW YORK, Dec. 13, 2016 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company")
today announced that, subject to market and other conditions, it
intends to offer $100,000,000 in
aggregate principal amount of convertible senior notes due 2021
(the "Notes") in a private offering to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"). The Company expects to grant the
initial purchasers of the Notes a 30-day option to purchase up
to an additional $15,000,000 in
aggregate principal amount of the Notes in connection with the
offering.
The Notes are expected to pay interest semiannually in arrears,
have a term of five years, and will be convertible into shares of
the Company's common stock, cash, or a combination of shares and
cash, at the Company's election, as further described in the
private offering memorandum.
The Company intends to use approximately $40 million of the net proceeds from the sale of
the Notes to repay a portion of the outstanding short-term
indebtedness under the Company's 2013 Secured Multicurrency
Revolving Credit Facility, and the remainder for general corporate
purposes and working capital, which may include the funding of
growth opportunities and the repurchase in the open market, in
negotiated transactions or otherwise, of a portion of the Company's
outstanding 4.00% Convertible Unsecured Senior Notes due 2018.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes, nor shall there be any
sale of the Notes in any jurisdiction in which, or to any person to
whom, such an offer, solicitation or sale would be unlawful. Any
offer of the Notes will be made only by means of a private offering
memorandum.
The Notes and the shares of common stock issuable upon
conversion of the Notes have not been, and will not be, registered
under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold absent registration or
an applicable exemption from registration requirements under the
Securities Act and applicable state securities laws. The Notes will
be offered in the United States
only to qualified institutional buyers under Rule 144A under the
Securities Act.
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 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 that 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: the
strength of the world economies and currencies; general market
conditions, including conditions in the shipping or the marine fuel
supply industries; our future operating or financial results; the
availability of financing and refinancing; 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; our future, pending or recent
acquisitions, business strategy, areas of possible expansion, and
expected capital spending or operating and maintenance expenses;
our ability to manage our growth; our ability to successfully
consummate, integrate, and realize the expected benefits from
acquisitions; our ability to maintain our business in light of our
proposed business and location expansion; planned capital
expenditures and availability of capital resources to fund capital
expenditures; our future payment of dividends and the availability
of cash for payment of dividends, including the ability of our
subsidiaries to dividend or distribute cash to us; the outcome of
legal, tax or regulatory proceedings to which we may become a
party; our ability to retain our key suppliers and key customers;
our contracts and licenses with governmental entities remaining in
full force and effect; increased levels of competition within our
industry; compliance or lack of compliance with various
environmental, tax, safety and other applicable laws and
regulations; our ability to collect accounts receivable; changes in
political, economic or regulatory conditions in the markets in
which we operate, and the world in general; corruption, piracy,
militant activities, political instability, terrorism, and ethnic
unrest in locations where we may operate; our level of
indebtedness; the failure of counterparties to fully perform their
contracts with us; our ability to retain and attract and retain
senior management and other key employees; our failure to hedge
certain financial risks associated with our business; uninsured
losses; our ability to maintain our current tax treatment; effects
of new products and new technology in our industry; our ability to
comply with the restrictive and other covenants in our financing
arrangements; our levels of operating and maintenance costs;
increases in interest rates; and adequacy of insurance coverage.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
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SOURCE Aegean Marine Petroleum Network Inc.