Scorpio lifts commitments for six-year credit facility to $525 million

By Susanna Moon

Chicago, May 30 - Scorpio Tankers Inc. said it boosted commitments for its six-year credit facility to $525 million after syndication was "heavily oversubscribed."

As noted before, the company inked the commitment letter for a $267 million six-year credit facility in February 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, as reported on Feb. 25.

The 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 previous press release.

Scorpio Tankers provides marine transportation of petroleum products. The company is based in Monaco.

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