Scorpio Tankers' handymax tanker STI Batterdea enters the port of Rotterdam. Photo: MartinLueke / Shutterstock.com
Scorpio Tankers has secured commitments for a $1 billion term loan and revolving credit facility, which will be used to finance 45 unencumbered product tankers.
Scorpio Tankers provides marine transportation of petroleum products worldwide and owns, leases, finances, or bareboat charters-in 113 product tankers with an average age of 7.4 years, including 39 LR2 tankers, 60 MR tankers, and 14 Handymax tankers.
The facility has a final maturity of five years, bears interest at SOFR plus a margin of 1.95% per annum, and includes an uncommitted accordion feature of up to $200 million, as well as other terms and conditions similar to the company’s existing credit facilities.
“We appreciate our lenders and their commitment to the Company,” said Emanuele Lauro, Chairman and CEO. “There is widespread confidence from market constituents on the persistence of current fundamentals, and the competitive structure, terms, and conditions of this new loan, particularly the revolving line of credit, are testament to that view as well as to the steps we have recently taken.”
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