The US-listed Greek bunker company said the three-year convertible senior notes will carry a coupon of 4\%.

Jefferies LLC is acting as sole book-running manager for the registered public offering, Aegean confirmed.

The underwriters have a 30-day option to purchase up to an additional $6m worth of the bonds.

The new notes are expected to have the same terms as the five-year convertible bonds issued in October 2013 which raised $86.25m.

Aegean said it expects to use the net proceeds from the sale of the new notes for working capital required to fund its expansion into existing and new markets.

It has been one the key beneficiaries of the collapse of Danish rival OW Bunker, snapping up a number of its assets and staff.

Last week it announced that it was is moving into the German bunker sector with a deal to take over two OW Bunker vessel charters.

It will launch physical operations in Hamburg this month and has assumed contracts for two modern, double-hulled bunkering barges.

In December, it acquired 28,567t of marine fuel and a storage contract with Vopak Terminal Los Angeles for $11m during an auction of OW assets in the US.

It said it expected to integrate much of the former OW Bunker operating infrastructure in Los Angeles into the Aegean organisation and begin operations at the Vopak Terminal in the first quarter of 2015.

source:tradewindsnews.com