Scorpio Tankers Secures Loan Duo
Scorpio Tankers Inc. announced today that it has received commitments from two leading European financial institutions for two separate loan facilities of up to $113.2 million in aggregate to partially finance the purchase of four LR2 product tankers that was announced in December 2014.
$52.0 Million Loan Facility
The loan facility will be used to finance a portion of the purchase price of two LR2 product tankers currently under construction at Daehan Shipbuilding Co., Ltd. with expected deliveries in Q1 2016 and Q2 2016 respectively. The loan facility has a final maturity of seven years from the date of signing and bears interest at LIBOR plus a margin of 1.95% per annum. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.
$61.2 Million Loan Facility
The loan facility will be used to finance a portion of the purchase price of two LR2 product tankers currently under construction at Sungdong Shipbuilding & Marine Engineering Co., Ltd. with expected deliveries in Q2 2016 and Q3 2016 respectively. The loan facility has a final maturity of five years from the date of delivery of each vessel and bears interest at LIBOR plus a margin ranging between 1.95% and 2.40% per annum (depending on the advance ratio). The loan facility is subject to customary conditions precedent and the execution of definitive documentation.
