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MONACO (Marketwire - January 04, 2012) Scorpio Tankers Inc. (NYSE: STNG) (the "Company" or "Scorpio Tankers") announced that it has amended the Company's STI Spirit Credit Facility with DVB Bank SE. The amendment provides in substance that: • The ratio of EBITDA to interest expense shall be no less than 1.25 to 1.00 for the period commencing with the fourth quarter of 2011 through the fourth quarter of 2012, at which time the ratio will increase as follows: 1.50 to 1.00 for the first quarter of 2013, 1.75 to 1.00 for the second quarter of 2013, and 2.00 to 1.00 at all times thereafter. The ratio shall be calculated quarterly on a trailing four quarter basis. • Consolidated liquidity (cash, cash equivalents, and availability under the 2010 Credit Facility) shall be no less than $25 million, of which unrestricted cash and cash equivalents shall be no less than $15.0 million, until the Company owns, directly or indirectly, more than 15 vessels, at which time the amount increases by $750,000 per each additional vessel. • The Company is restricted from paying dividends until its EBITDA to interest expense ratio is 2.00 to 1.00 or greater. About Scorpio Tankers Inc. Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers currently owns a fleet of 12 vessels (one LR2 tanker, four LR1 tankers, four Handymax tankers, two MR tankers, and one post-Panamax tanker) with an average age of 5.9 years, time charters-in seven vessels (one LR2 tanker and six Handymax tankers), and has contracted for six newbuilding MRs, which are scheduled to be delivered to the Company between July 2012 and January 2013. Additional information about the Company is available at the Company's website www.scorpiotankers.com. Information on the Company's website does not constitute part of this press release. Scorpio Tankers Inc. press release |
