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Scorpio Tankers announces a commitment for a new loan facility

Scorpio Tankers Inc. announced that the Company has received a commitment for a loan facility up to $300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB. The loan facility will be used to refinance the existing indebtedness on 16 MR product tankers, has a final maturity of five years from the first drawdown date and bears interest at LIBOR plus a margin of 2.50% per annum. The loan facility will be comprised of a term loan up to $200 million and a revolver up to $100 million, and the availability can be used to finance up to 60% of the fair market value of the respective vessels. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 77 product tankers (21 LR2, 14 Handymax, and 42 MR tankers) with an average age of 1.7 years and time charters-in 12 product tankers (two LR2, one LR1, four MR and five Handymax tankers). The Company has contracted for 10 newbuilding product tankers (eight MR and two LR2 tankers). The two LR2s are expected to be delivered in the second half of 2016 (one per quarter) and the eight MRs are expected to be delivered throughout 2017. 

Source: Scorpio Tankers Inc.

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