Aegean Marine Petroleum Network Inc. (NYSE: ANW) has entered into a new $120 million credit facility for its wholly owned subsidiary, Aegean Oil Terminal Corp. arranged by local United Arab Emirates banks.
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.
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.