Scorpio Tankers Inc. announced that it has received a commitment for a loan facility up to $300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB.
The loan facility will be used to refinance the existing indebtedness on 16 MR product tankers, has a final maturity of five years from the first drawdown date and bears interest at LIBOR plus a margin of 2.5 percent per annum.
The loan facility will be comprised of a term loan up to $200 million and a revolver up to $100 million, and the availability can be used to finance up to 60 percent of the fair market value of the respective vessels. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.