Aegean Marine Petroleum Prices Upsized Offering Of Convertible Senior Notes

(RTTNews) - Aegean Marine Petroleum Network Inc. (ANW) said it has upsized and priced its previously announced registered public offering of additional 4.00 percent convertible senior notes due 2018.

Aegean Marine Petroleum has increased the size of the offering to $42.0 million in aggregate principal amount of the new notes from the previous $40.0 million, and has priced the offering at 111.0 percent, plus accrued interest, if any, from November 1, 2014.

The company has granted the underwriters a 30-day option to purchase an additional $6.3 million in aggregate principal amount of the new notes. The offering is expected to close on January 16, 2015.

The company expects the new notes to have the same terms as, be fungible with, and form a single series with, $86.25 million aggregate principal amount of the company's 4.00 percent convertible senior notes due 2018 that were issued in October 2013, all of which remain outstanding.

Aegean Marine Petroleum expects to use the net proceeds from the sale of the new notes for working capital required to fund its expansion into existing and new markets.

Jefferies LLC is acting as sole book-running manager for the offering, while ABN AMRO, Clarkson Capital Markets LLC and Stifel are acting as co-managers of the offering.