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a Previously Announced Credit Facility Monaco - Jan 13, 2016 Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced the upsizing of its previously announced ING Credit Facility. In January 2016, the Company received a commitment to upsize its previously announced $87.0 million credit facility with ING Bank N.V. to $132.5 million. The facility will bear interest at LIBOR plus a margin of 1.95% per annum, and the proceeds will be used to partially finance the purchase of STI Lombard (currently bareboat chartered-in) and refinance the existing indebtedness on an MR product tanker (2015 built). The terms and conditions, including covenants, of the credit facility are similar to those in the Company's existing credit facilities. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 79 product tankers (18 LR2, 14 Handymax, and 47 MR tankers) with an average age of 1.3 years and time or bareboat charters-in 11 product tankers (three LR2, one LR1, four MR and three Handymax tankers). The Company has contracted for 12 newbuilding product tankers (eight MR and four LR2 tankers). The four LR2s are expected to be delivered in 2016 (one per quarter), and the eight MRs are expected to be delivered throughout 2017. Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of this press release. Scorpio Tankers Inc. press release |
