Aegean Marine Petroleum gets new 100M facility

NEW YORK (AP) -- Aegean Marine Petroleum Network Inc. said Monday that it received a new $100 million secured credit agreement, giving it further capital to work with in a tight credit market.

Companies have found it harder to get facilities from lenders during the recession due to the difficult credit environment.

Aegean, based in Greece, said the new one-year agreement with BNP Paribas brings its credit agreement total to $420 million.

The marine fuel logistics company said it plans to keep consolidating operations where it can. Aegean also will look to boost its market share in its 14 existing locations to help grow future sales volumes and strengthen its brand.

Shares of Aegean gained 73 cents, or 2.8 percent, to $26.56 in morning trading.