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Scorpio Tankers lines up $267 million six-year term loan, revolver
By Susanna Moon
Chicago, Feb. 25 - Scorpio Tankers Inc. said it signed a commitment letter for a $267 million six-year credit facility with Nordea Bank Finland plc, acting through its New York branch, ABN Amro Bank NV and Skandinaviska Enskilda Banken AB.
The facility consists of a term loan and a revolving loan and will be used to finance up to 60% of the purchase price of vessels, including new buildings upon delivery.
The facility matures in six years, and borrowings under the facility are available until Jan. 31, 2015.
The covenants and other conditions are similar to the company's existing credit facilities.
"This loan will finance a significant number of our vessels on order and will enable us to continue our growth strategy," Emanuele Lauro, chief executive officer and chairman of the board, said in a company press release.
Scorpio Tankers provides marine transportation of petroleum products. The company is based in Monaco.
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