Scorpio Tankers Signs USD 372 Mn Loan

Image Courtesy: Scorpio Tankers

Monaco-based tanker owner Scorpio Tankers has entered into a a loan facility with Nordea Bank Finland Plc, New York Branch, in an effort to refinance indebtedness on up to 20 product tankers and provide finance for the company’s general corporate purposes.

Signed on August 30, the loan is for up to USD 372 million, comprising a USD 200 million term loan, a USD 100 million revolving credit facility, as well as an uncommitted incremental credit facility of up to USD 72 million, according to international law firm Watson Farley & Williams (WFW).

WFW said that ABN AMRO Bank N.V., Nordea Bank Finland Plc, New York Branch and Skandinaviska Enskilda Banken AB (publ) acted as mandated lead arrangers and Nordea Bank Finland Plc, New York Branch acted as agent and security trustee.

In early July, Scorpio Tankers received the approval for a loan of up to USD 300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB.

The company planned to use the loan to refinance the existing indebtedness on 16 MR product tankers.

Scorpio Tankers’ net income for the second quarter of 2016 stood at USD 3.8 million, against a net income of USD 57.5 million seen in the same quarter a year earlier.

The company saw its vessel revenue for the period drop to USD 137.2 million from USD 188.4 million reported in the second quarter of 2015.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Canada LNG Conference & Exhibition 2017

The 2017 conference will bring a re-invigorated program across three days focusing on technical innovation, domestic market opportunities…

read more >

Singapore Maritime Week 2017

Singapore Maritime Week (SMW) is the leading maritime event in Singapore. Driven by the Maritime and Port Authority of Singapore (MPA), SMW…

read more >

Breakbulk Europe 2017

For more than a decade, Breakbulk Europe has served as the networking hub for industry professionals who do business in Europe — or would like to! Exhibitors and sponsors include cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers, equipment companies and more that are involved in this specialized industry.

In addition to exceptional networking opportunities, Breakbulk Europe provides a dynamic conference, along with a range of educational and training workshops — intensive all-day classes held the day before the exhibition opens as well as many on-the-floor sessions.

  • Over 7,600 participants attended Breakbulk Europe 2016
  • Meet with over 400 exhibitors and sponsors
  • Hear from industry experts, including leading shippers, during the conference sessions
  • Learn new skills in the educational workshops held before the exhibition and on-the-floor micro-seminars and exhibitor-led sessions during the event

More info

read more >

Sea Asia 2017

Sea Asia, the premier maritime and offshore conference and exhibition in Asia is returning for the 6th edition on 25-27 April 2017 at the Marine Bay Sands® Singapore.

read more >