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Scorpio Tankers Inc. Secures Commitments for $500.0 Million Revolving Credit Facility

Dec 12, 2024•over 1 year ago

Contract Type

partnership

MonacoOtherFinancial ServicesConsumer Goods

Description

Scorpio Tankers Inc. has announced that it has received commitments for a new $500.0 million revolving credit facility. The facility offers the Company flexibility to draw down or repay the loan during the tenor, with collateralization by 26 product tankers and an uncommitted accordion feature of up to $100.0 million.

Company Information

Company

Scorpio Tankers

Location

Monaco

About

The Company drew down the entire $43.6 million from this credit facility on November 29, 2021, and part of the proceeds were used to refinance the outstanding debt on two LR1 product tankers, STI Precision and STI Prestige, that were previously financed under the ABN AMRO/K-Sure Credit Facility, which was scheduled to mature during the second half of 2022. The Company also has up to $18.0 million of additional liquidity available (after the repayment of existing debt) from previously announced financings that have been committed.

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