Scorpio Tankers gets $94 million credit facility commitment

By William Gullotti

Buffalo, N.Y., June 22 – Scorpio Tankers Inc. received a commitment for a credit facility of up to $94 million from DekaBank Deutsche Girozentrale, according to a 6-K filing with the Securities and Exchange Commission.

Proceeds will be used to finance one MR product tanker and three LR2 product tankers.

The credit facility has a final maturity of five years from the drawdown date of each vessel and bears interest at SOFR plus a margin of 170 basis points.

The credit facility is expected to close in the third quarter of 2023.

The terms and conditions, including financial covenants, are similar to the company’s existing credit facilities.

Monaco-based Scorpio is an oil tanker business.

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