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BNP Paribas, Scorpio Tankers Upsize, Extend Credit Facility

December 12, 2016, 07:56 AM
Filed Under: Marine

Scorpio Tankers Inc. announced the upsizing and extension of its BNP Paribas Credit Facility. The company has received an additional $27.6 million commitment from BNP Paribas to upsize its BNP Paribas Credit Facility. The $27.6 million increase of the bilateral financing will bear interest at LIBOR plus a margin of 2.30% per annum, has a final maturity of December 2021, and will be used to refinance the existing indebtedness on two MR product tankers (2013 built) at the lesser of $13.8 million and 48% of the fair market value of each respective vessel. In addition, the maturity date of the BNP Paribas Credit Facility will be extended to December 2021.

The terms and conditions, including covenants, of the credit facility are similar to those in the Company's existing credit facilities. The upsize and extension of the existing credit facility is subject to customary conditions precedent and the execution of definitive documentation.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 77 product tankers (21 LR2, 14 Handymax, and 42 MR tankers) with an average age of 2.1 years and time charters-in 16 product tankers (two LR2, one LR1, eight MR and five Handymax tankers). The Company has contracted for 10 newbuilding product tankers (eight MR and two LR2 tankers). The two LR2s are expected to be delivered in in the first quarter of 2017 and the eight MRs are expected to be delivered throughout 2017 and the first quarter of 2018.

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