Aegean Marine Petroleum to price $40 million add-on to 4% convertibles at 111-113 offer price

By Rebecca Melvin

New York, Jan. 12 – Aegean Marine Petroleum Network Inc. plans to price $40 million of its 4% convertible senior notes due 2018 ahead of the market open on Tuesday at an offer price of 111 to 113, according to market sources.

The new notes will have the same terms as the initial notes other than the issue date and public offering pricing.

The registered deal has a $6 million greenshoe and was being sold by bookrunner Jefferies LLC.

The initial conversion price will be about $14.23.

The notes are non-callable until Nov. 1, 2016 and then are provisionally callable if shares exceed 140% of the conversion price. If the notes are called, the conversion rate for holders who convert may be increased.

There is takeover protection and dividend protection via conversion rate adjustments for dividends above $0.01 per quarter. The notes have net share settlement and contingent conversion.

Proceeds will be used for general corporate purposes and working capital.

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

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