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Scorpio Tankers Announces Update on Financing Activities

Source: www.gulfoilandgas.com 1/12/2021, Location: Europe

Scorpio Tankers Inc. has received a commitment to sell and leaseback three MR product tankers (STI Memphis, STI Soho, and STI Osceola) and one LR2 product tanker (STI Lombard) to AVIC International Leasing Co., Ltd. Upon completion, the Company’s liquidity is expected to increase by about $32 million in aggregate after the repayment of outstanding debt. The terms and conditions of these arrangements are similar to those set forth in the Company’s existing lease financing arrangements. These new lease financing arrangements are subject to certain conditions precedent and the execution of definitive documentation.

In addition to the above, the Company received a commitment from a European financial institution for a $21.0 million term loan facility to refinance the outstanding debt on an LR2 product tanker, STI Madison. Upon completion, the Company’s liquidity is expected to increase by about $5 million after the repayment of outstanding debt. This loan facility is expected to mature in December 2022. The remaining terms and conditions of this loan facility, including financial covenants, are similar to those set forth in the Company’s existing credit facilities. The loan facility is subject to certain conditions precedent and the execution of definitive documentation.

The above financing arrangements are part of the Company’s new financing discussions that were announced on November 5, 2020.

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