By Rebecca Melvin
New York, Jan. 13 – Aegean Marine Petroleum Network Inc. priced an upsized $42 million of its 4% convertible senior notes due 2018 early Tuesday at an offer price of 111, according to a news release.
The registered deal was originally talked at $40 million in size, and pricing came at the low end of the talked offer pricing of 111 to 113.
The new notes will otherwise have the same terms as the initial $86.25 million of notes priced in October 2013. With the new deal the amount outstanding under Cusip Y0020QAA9 will be $134.55 million if the new greenshoe is exercised.
Jefferies LLC was the bookrunner of the deal, which has a $6.3 million greenshoe.
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 to expand its existing and new markets.
Aegean is an Athens-based marine fuel logistics company.
| Issuer: | Aegean Marine Petroleum Network Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $42 million, upsized from $40 million
|
| Greenshoe: | $6.3 million, upsized from $6 million
|
| Maturity: | Nov. 1, 2018
|
| Bookrunner: | Jefferies LLC
|
| Co-managers: | ABN Amro Securities (USA) LLC, Clarkson Capital Markets LLC, Stifel, Nicolaus & Co. Inc.
|
| Coupon: | 4%
|
| Price: | Offered at 111
|
| Conversion price: | $14.23
|
| Conversion ratio: | 70.2679
|
| Call option: | Non-callable until Nov. 1, 2016, then provisionally callable at 140% price hurdle
|
| Put option: | No
|
| Takeover protection: | Yes
|
| Dividend protection: | Yes, via conversion rate adjustments for dividends above $0.01 per quarter
|
| Net share settlement: | Yes
|
| Contingent conversion: | Yes
|
| Price talk: | 111-113 offer price
|
| Distribution: | Registered, off the shelf
|
| Pricing date: | Jan. 13
|
| Settlement date: | Jan. 16
|
| Stock symbol: | NYSE: ANW
|
| Stock reference price: | $14.54, at close Jan. 12
|
| Market capitalization: | $639 million
|
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