Scorpio Tankers has commitment for $172 million multi-tranche facility

By Wendy Van Sickle

Columbus, Ohio, Jan. 19 – Scorpio Tankers Inc. said it received a commitment for an up to $172 million loan facility from Macquarie Bank Ltd., London Branch, DekaBank Deutsche Girozentrale, Export-Import Bank of Korea and Garanti-Instituttet for Eksportkreditt.

The facility consists of multiple tranches, which mature between six and 12 years from their drawdown dates, according to a news release.

It will be used to finance up to 60% of the market value of eight MR product tankers, which are under construction at Hyundai Mipo Dockyard Co., Ltd. and are scheduled for delivery in 2017 and 2018.

The facility bears interest at Libor plus a blended margin of 202 basis points.

Terms and conditions, including financial covenants, are similar to those of the company’s existing credit facilities.

Monaco-based Scorpio is an oil tanker business.

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