Aegean Marine Petroleum Network Inc. Announces Exercise of Over-Allotment Option by Underwriters
Dec 3, 2007 16:21:00 (ET)
PIRAEUS, Greece, Dec 03, 2007 /PRNewswire-FirstCall via COMTEX/ -- Aegean Marine Petroleum Network Inc. (ANW, Trade ), an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced that the underwriters in respect of the secondary offering by two of its shareholders of an aggregate of 6,750,000 shares of common stock that was priced at $37.75 on November 14, 2007, exercised in part their over-allotment option granted to them by the selling shareholders. As a result of this exercise, Leveret International Inc., which is controlled by Aegean's founder, Dimitris Melisanidis, and John P. Tavlarios, Director, are expected to sell an additional 872,275 shares of the Company's common stock, resulting in an aggregate of 7,622,275 shares of common stock sold by the selling shareholders in connection with this offering. The Company will not receive any proceeds from the shares of common stock sold by the selling shareholders.
Bear, Stearns & Co. Inc. is the sole book-running manager for the offering. Jefferies & Company, Inc., Dahlman Rose & Company, LLC, Johnson Rice & Company LLC and Stephens Inc. are acting as co-managers for the offering.
Detailed information about Aegean Marine Petroleum Network Inc. and the offering are contained in the Company's prospectus for the offering. A copy of the final prospectus related to the offering may be obtained from:
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, NY 10179
Attn: Prospectus Department
866-803-9204
A registration statement relating to these securities was filed with and declared effective by the Securities and Exchange Commission on November 14, 2007. The offering is being made solely by means of a prospectus. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. The Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users through its service centers in Greece, Gibraltar, Singapore, Jamaica, the United Arab Emirates and Belgium, and plans to commence physical supply operations in the United Kingdom and Ghana by the end of the year.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. Forward-looking information includes statements regarding the closing of the offering, which is subject to several conditions to closing that have not yet been satisfied. Although the management of Aegean believes that the expectations reflected in its forward-looking statements are reasonable, Aegean can give no assurance that those expectations will prove to have been correct. Such statements are subject to various risks, uncertainties and assumptions. Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. These risks, as well as others, are discussed in greater detail in Aegean's filings with the Securities and Exchange Commission (the "SEC"), including the Company's annual report on Form 20-F for the fiscal year ended December 31, 2006 and subsequent filings with the SEC.
SOURCE Aegean Marine Petroleum Network Inc.
