United Arab Bank (UAB) has closed of a $120 million credit facility for Aegean Oil Terminal Corporation, a New York Stock Exchange subsidiary of Aegean Marine Petroleum Network Incorporated (AMPNI).
The credit facility marks the first syndicate lead for UAB as it seeks to pursue further syndicate lead roles in the region. The new facility will be used by Aegean to refinance an existing credit facility, with the balance to be used to pursue Aegean’s strategy of selling blended products to generate greater profitability.
The initial syndicate members were Abu Dhabi Commercial Bank, Commercial Bank of Dubai, National Bank of Oman, in addition to UAB in its role as syndicate lead.
AMPNI supplies and markets refined marine fuels and lubricants to ships in port and at sea.