Aegean Bunkering Secures Cash for US Expansion
Aegean Marine says it has secured a $150 million uncommitted working capital facility from ABN AMRO Capital USA to finance the working capital requirements of Aegean Bunkering (USA) LLC, which Aegean Marine recently formed to complete the acquisition of the former U.S. East Coast Bunkering business of Hess Corporation (HES).
"This $150 million working capital facility will support our expansion into the U.S. as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," said E. Nikolas Tavlarios, President of Aegean Marine.
"We announced the acquisition on November 12th 2013, and with the support of ABN AMRO were able to complete the transaction by December 18th. This facility underscores our good relationship with ABN AMRO and its confidence in Aegean Marine's business model as well as our ability to execute according to plan. We appreciate ABN AMRO's continued support."
About Aegean Marine Petroleum Network Inc. (ANW)
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.