Scorpio Tankers gets commitments for $195.9 million loan facilities

By Wendy Van Sickle

Columbus, Ohio, May 1 – Scorpio Tankers Inc. said it received commitments for up to $195.9 million spread over three separate loan facilities, according to a Tuesday press release.

The company received a commitment from ABN AMRO Bank NV and Skandinaviska Enskilda Banken AB for a loan facility of up to $120.6 million to finance up to 65% of the fair market value of one Handymax product tanker, one MR product tanker and three LR2 product tankers.

The facility would mature five years from the first drawdown date and bear interest at Libor plus 260 basis points.

Scorpio Tankers also received a commitment to upsize its $132.5 million credit facility with ING Bank NV to $171.2 million. The increase will be used to finance up to 65% of the fair market value of one Handymax product tanker and one MR product tanker.

The upsized portion of the loan facility will mature in June 2022 and bear interest at Libor plus 240 bps.

Additionally, the company said it has received a commitment from an undisclosed leading European financial institution for a loan facility of up to $36.7 million to be used to finance two MR product tankers.

The loan facility matures in June 2021 and bears interest at Libor plus 250 bps.

Each loan facility is subject to customary conditions precedent and the execution of definitive documentation.

Monaco-based Scorpio is an oil tanker business.

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