Scorpio Tankers Inc. Announces a Commitment for a New Loan Facility

By Finance

Scorpio Tankers Inc. (NYSE: STNG) announced on Friday (May 06) that the Company has received a commitment from NIBC Bank N.V. for a loan facility of up to $44.0 million.

Scorpio Tankers Inc. Announces a Commitment for a New Loan Facility

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.

Source: Scorpio Tankers