Scorpio Tankers has received commitments to a $1 billion term loan and revolving credit facility to be used to fund 45 unencumbered product tankers.
Scorpio Tankers provides marine transportation of petroleum products worldwide and owns, leases, finances or charters 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 maturity of five years, bears interest at SOFR plus a margin of 1.95% per annum, and includes an uncommitted accordion facility of up to $200 million and other terms similar to the Company’s existing credit facilities.
“We value our lenders and their commitment to the company,” said Emanuele Lauro, Chairman and CEO. “Market participants largely believe that current fundamentals remain in place and the competitive structure, terms and conditions of this new loan, particularly the revolving credit facility, are testament to that view as well as the steps we have been taking recently .” out of stock.”