Scorpio Tankers Announces Commitments for New Loan Facilities

Scorpio-Tankers

Scorpio Tankers announced that, following from the announcement of new financing initiatives on April 25, 2018, the Company has received commitments from four leading European financial institutions for three separate loan facilities of up to $195.9 million in aggregate, which will raise $53.9 million of new liquidity in aggregate after the repayment of $142.0 million of existing secured debt. The Company expects to make announcements for further individual transactions in the coming weeks.

The Company has received a commitment from ABN AMRO Bank N.V. and Skandinaviska Enskilda Banken AB for a loan facility of up to $120.6 million. The loan facility will be used to finance up to 65% of the fair market value of one Handymax product tanker, one MR product tanker and three LR2 product tankers. The loan facility has a final maturity of five years from the first drawdown date, bears interest at LIBOR plus a margin of 2.60% per annum, and is subject to customary conditions precedent and the execution of definitive documentation.

The Company has also received a commitment to upsize its previously announced $132.5 million credit facility with ING Bank N.V. to $171.2 million. The upsized portion of the loan facility will be used to finance up to 65% of the fair market value of one Handymax product tanker and one MR product tanker. The upsized portion of the loan facility has a final maturity of June 2022, bears interest at LIBOR plus a margin of 2.40% per annum, and is subject to customary conditions precedent and the execution of definitive documentation.

Furthermore, the Company has also received a commitment from a leading European financial institution for a loan facility of up to $36.7 million. The loan facility will be used to finance two MR product tankers. The loan facility has a final maturity of June 2021, bears interest at LIBOR plus a margin of 2.50% per annum, and is subject to certain conditions precedent and the execution of definitive documentation.

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