NEW YORK, Nov. 5, 2015 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company")
today announced that it has entered into a new $120 million credit facility for its wholly-owned
subsidiary, Aegean Oil Terminal Corporation arranged by local
United Arab Emirates banks.
E. Nikolas Tavlarios, President
of the Company, commented, "We are pleased with the confidence our
UAE banking group has shown in our business and believe their
support will help drive our growth plans in the region. With
this new facility, we have established more favorable terms with
lower margin and longer maturity dates than our 2013 Fujairah
Credit Facility, further enhancing our financial flexibility. Our
Fujairah storage facility has been
received well in the marketplace and we quickly achieved a high
utilization rate driven by our strong marketing strategy and the
valuable support of our local banking group.
Proceeds from the loan, which was secured at lower rates and
with a longer tenor than the Company's existing 2013 Fujairah
Credit Facility, were used to repay the indebtedness currently
outstanding on that facility of $45.2
million. The balance of proceeds are expected to be
used to opportunistically purchase supply while pursuing Aegean's
strategy of selling blended products to generate greater
profitability.
The facility was arranged by the United Arab Bank, and funded by
the United Arab Bank, Abu Dhabi Commercial Bank, Commercial Bank of
Dubai, and the National Bank of
Oman.
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 31
markets, including Vancouver,
Montreal, Mexico, Jamaica, Trinidad
and Tobago, Gibraltar,
U.K., Northern Europe, Piraeus,
Patras, the United Arab Emirates,
Singapore, Morocco, the Amsterdam-Antwerp-Rotterdam (ARA) region, Las Palmas, Tenerife, Panama, Hong
Kong, Barcelona, the U.S.
East Coast, Los Angeles, the U.S.
Gulf, Algeciras, Germany and
Russia. The Company has also
entered into a strategic alliance to extend its global reach to
China. To learn more about Aegean,
visit http://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 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 and other factors.
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.