Scorpio Tankers upsizes credit facility by $35 million to $87 million

By Wendy Van Sickle

Columbus, Ohio, Sept. 24 – Scorpio Tankers Inc. upsized its credit facility with ING Bank NV to $87 million, according to a Thursday press release.

The upsized facility’s capacity is $35 million more than the previous $52 million capacity.

The loan matures in June and bears interest at Libor plus 195 basis points.

The credit facility will be used to finance part of the purchase of two long-range product tankers under construction at Daehan Shipbuilding Co., Ltd., with expected deliveries in the first and second quarters of 2016; to partially finance the purchase of STI Black Hawk, a medium-range product tanker that was delivered from Hyundai Mipo Dockyard Co. Ltd. of South Korea.; and refinance the existing debt on a medium-range product tanker that was delivered in March 2015.

Monaco-based Scorpio is an oil tanker business.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.