Scorpio Tankers succeeded in the upsizing [ds_preview]and extension of its BNP Paribas Credit Facility. The Company has received an additional 27.6 mill. $.
The increase of the bilateral financing will bear interest at LIBOR plus a margin of 2.30% per annum and has a final maturity of December 2021. The additional cash will be used to refinance a pair of 2013-built products tankers and to refinance the existing indebtedness on two MR product tankers (2013 built), announced the New York-listed company. 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 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).
In addition, 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 throughout 2017 and the first quarter of 2018.
