Scorpio Tankers Signs USD 372 Mn Loan

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

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