OMG, There Is Actually New Business to Report

While not exactly ship finance, the newly committed Aegean Marine Petroleum Network $300 million dollar senior secured revolving and letter of credit facility does deal with one of the more pressing issues these days, trade credit. The new two-year facility was underwritten by HSH Nordbank and The Royal Bank of Scotland.

Under the terms of the commitment, the facility will bear interest at LIBOR plus a margin of 0.50% for documentary letters of credit, 1.50% for standby letters of credit and guarantee, and 2.50% for direct borrowings. The facility also has an accordion feature by which Aegean can increase the availability subject to lender commitments. Upon closing of the new facility, Aegean will have a total of $320 million in senior secured revolving credit facilities.

E. Nikolas Tavlarios

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