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Aegean Marine Petroleum Network Inc Announces Transformative Transaction with Mercuria Energy Group

17 Αυγούστου 2018.

aegeanmarin17Aegean Marine Petroleum Network Inc. (NYSE:ANW) (“Aegean” or the “Company”) announced 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.

Source: Aegean Marine Petroleum

 

 

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