Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

715a932d144f514d778db9804c05ec6c

Aegean eyes $115m from notes offer

Bunker supplier Aegean Marine Petroleum Network Inc is looking to raise up to $115m from the issuance of notes.

New York-listed Aegean said it intends to offer $100m of convertible senior notes due 2021 in private offering to institutional buyers. The company will also grant the initial purchasers of the notes a 30-day option to purchase up to an additional $15m worth of the notes in connection with the offering.

“The company intends to use approximately $40m 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% convertible unsecured senior notes due 2018,” Aegean stated.

The proposed notes are expected to pay interest semi-annually 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.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish
Maritime_Market_User_Promo_4
Looking For Suppliers?

Maritime Market is the online marketplace for the global maritime industry, making it easy to connect with suppliers 365 days a year. Powered by an extensive database of maritime professionals and businesses.

Maritime_Market_User_Promo_4