Scorpio Tankers announces letters for $429.6 million credit facility

By Angela McDaniels

Tacoma, Wash., Aug. 28 - Scorpio Tankers Inc. is pursuing an up to $429.6 million credit facility, according to a company news release.

The facility is being arranged by a financial institution that has given a commitment letter for $129 million. Export-Import Bank of Korea has given a letter of intent for up to $300.6 million of the facility.

The $129 million tranche will mature in 2020, and the up to $300.6 million tranche will mature in 2026 assuming the smaller tranche is refinanced through that date.

The company said the covenants are similar to those in its existing credit facilities.

The proceeds would be used to finance up to 60% of the purchase price of new ships upon delivery.

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

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