Scorpio Tankers to Raise USD 334 Mn of New Liquidity

Monaco-based shipowner Scorpio Tankers is looking to raise up to USD 334 million through a series of bank loans and sale leasebacks.

The company signed term sheets or agreed main terms for the loans to refinance certain of its outstanding secured indebtedness.

If finalized, the transactions would raise USD 334 million in aggregate of new liquidity after the repayment of the existing secured debt related to these vessels.

Scorpio Tankers said that the terms and conditions of the credit facilities and lease financing arrangements, including covenants, pricing, and advance rates, are similar to those in the company’s existing credit facilities and lease financing arrangements.

The new credit facilities and lease financing arrangements are subject to credit approval, customary conditions precedent and the execution of definitive documentation.

Scorpio Tankers unveiled the new agreements as part of financial report for the three months ended March 31, 2018. The company delivered a net loss of USD 31.8 million for the period, compared to a net loss of USD 11.5 million reported in the same quarter a year earlier.

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