Aegean Marine offers $100 million five-year convertible notes talked at 4%-4.5%, up 20%-25%

By Stephanie N. Rotondo

Seattle, Dec. 13 – Aegean Marine Petroleum Network Inc. plans to price a $100 million offering of five-year convertible notes, the company said in a press release on Tuesday.

The yield is being talked at 4% to 4.5%, with an initial conversion premium of 20% to 25%.

There is a $15 million over-allotment option.

The notes will be sold via a Rule 144A offering led by Jefferies.

Conversions will be settled with cash, common stock, or a combination thereof, at the company’s option.

The paper is non-callable for three years and then becomes provisionally callable if the stock hits a 130% price hurdle.

About $40 million of the proceeds from the deal will be used to repay a portion of debt under a 2013 secured multicurrency revolving credit facility. Remaining funds will be used for general corporate purposes and working capital, which could include funding growth opportunities and the repurchase of a portion of the 4% convertible unsecured senior notes due 2018.

Aegean is a New York-based international fuel logistics company.

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