Scorpio Tankers Lands USD 196 Mn in Loans

Money shipIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based tanker owner Scorpio Tankers has secured commitments from four European banks for up to USD 195.9 million worth of loans.

The amount would be provided via three separate loan facilities, raising USD 53.9 million of new liquidity in aggregate after the repayment of USD 142 million of existing secured debt.

The deal is part of Scorpio’s major refinancing campaign targeting USD 334 million through a series of bank loans and sale-leasebacks, announced at the end of April.

The tanker owner added that it expects to announce further individual transactions in the coming weeks.

Specifically, ABN AMRO Bank N.V. and Skandinaviska Enskilda Banken AB have committed to provide a loan facility of up to USD 120.6 million.

Scorpio plans to use to loan to finance up to 65% of the market value of one Handymax, one MR and three LR2 product tankers.

The company also received a commitment to upsize its USD 132.5 million credit facility with ING Bank N.V. to USD 171.2 million. The upsized portion of the loan is to be used to cover 65% of the market value of one Handymax and one MR product tanker.

Furthermore, an unnamed European financial institution committed to secure a loan of up to USD 36.7 million, aimed at financing two MR product tankers.

All loans are subject to the execution of definitive documentation.

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