Scorpio Tankers Reports Commitment for New Loan Facility

Scorpio Tankers Inc. announced it has received a commitment from NIBC Bank N.V. for a loan facility of up to $44 million.

The loan facility, subject to customary conditions precedent and the execution of definitive documentation, will be used to refinance the existing indebtedness on two 2013-built MR product tankers, has a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.5 percent per annum.

The availability can be used to finance the lesser of $22 million and 67.5 percent of the fair market value of the respective vessels.