The deal runs for three years and includes an option for an additional $250m, the company said. It replaces an outgoing one-year $1 billion facility, it added.

The funds together with a $250m US credit arrangement agreed earlier this year are to cover working capital needs.

“This new, three-year facility, on improved terms with a strong syndicate of international banks is a true testament to the strength of Aegean’s global network,” said company president Jonathan McIlroy.

“We believe it will provide flexibility to continue executing our strategy,” McIlroy added. The US-listed firm posted a loss in its third quarter results.

Article republished with permission from Ship & Bunker.

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