American Petroleum Tankers to pay down facility via common unit offer

By Tali David

Minneapolis, Oct. 22 - American Petroleum Tankers Partners LP plans to repay term loan borrowings under its existing credit facility with the proceeds from a common unit offering, according to an S-1 filed with the Securities and Exchange Commission.

Term loan borrowings under the facility mature on Oct. 2, 2019 and during the six months ended June 30, bore interest at a weighted average interest rate of 4.75% per annum.

Borrowings under the facility were incurred on April 2, 2013 and the proceeds were used to refinance the company's 2015 notes.

American Petroleum is a Plymouth Meeting, Pa.-based provider of Jones Act marine transportation services for refined petroleum products, crude oil and chemicals.

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