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Mercuria starts ‘sole lender’ arrangement with Aegean

17 Aug 2018

New York-listed Aegean Marine Petroleum Network Thursday entered into a ‘sole lender’ relationship with Mercuria Energy Group Limited with an initial USD $30 million loan.

Both entities executed a letter of agreement detailing the US$30 million of incremental liquidity Mercuria is providing to Aegean by way of amendments and waivers to the Trade Finance Facility and other financing arrangements.

Pursuant to the arrangement, 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.

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.

A timeline-accurate list of events preceding the current development can be found below:

Related: Aegean establishes new management committee
RelatedMercuria bails Aegean out with $1 billion credit
RelatedOcean Intelligence comments on Aegean credit downgrade
RelatedAegean shares down 71%, to face legal investigations
RelatedAegean audit uncovers $200 million account discrepancy
RelatedAegean unfolds several business developments
RelatedAegean drops founder, elects new board members
RelatedAegean requests for ‘additional time’ to file annual report
RelatedAegean welcomes new Chief Financial Officer
RelatedLawsuit filed against Aegean’s H.E.C. acquisition
RelatedAegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
RelatedAegean in $367 million acquisition of port reception facilities services group
RelatedAegean shareholders ‘gravely concerned’ over board’s silence
RelatedShareholders nominate ‘highly qualified’ candidates to Aegean board
RelatedAegean Marine Petroleum Network under shareholder pressure

Published: 17 August, 2018

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