Scorpio Tankers Inc. has received a commitment from NIBC Bank N.V. for a loan facility of up to $44.0 million. The loan facility will be used to refinance the existing indebtedness on two MR product tankers (2013 built), has a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.50% per annum. The availability can be used to finance the lesser of $22.0 million and 67.5% of the fair market value of the respective vessels. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 78 product tankers (20 LR2, 14 Handymax, and 44 MR tankers) with an average age of 1.6 years and time charters-in 12 product tankers (two LR2, one LR1, four MR and five Handymax tankers). The Company has contracted for 11 newbuilding product tankers (eight MR and three LR2 tankers). The three LR2s are expected to be delivered in 2016 (one per quarter), and the eight MRs are expected to be delivered throughout 2017. The Company has also reached an agreement to sell two of its 2014 built MR product tankers.