Scorpio Tankers announces upsizing and extension of a 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. Source: Scorpio Tankers Inc.