Aegean Marine Petroleum pricing $75 million five-year convertibles to yield 4%-4.5%, up 30%-35%

By Rebecca Melvin

New York, Oct. 17 - Aegean Marine Petroleum Network Inc. plans to price $75 million of five-year convertible senior notes after the market close Thursday that were talked to yield 4% to 4.5% with an initial conversion premium of 30% to 35%, according to a market source.

The registered, effective shelf offering has an over-allotment option for up to $11.25 million.

Jefferies LLC is the bookrunner.

The notes will be non-callable for three years and then provisionally callable if shares exceed 140% of the conversion price. There is takeover protection and dividend protection via conversion rate adjustments for dividends above $0.01 per quarter.

Proceeds will be used for general corporate purposes and working capital, including repayment of short-term debt.

Aegean is an Athens, Greece-based marine fuel logistics company.

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