Monaco-headquartered Scorpio Tankers is lining up a new financing deal of up to $1bn that would enable it to repay and re-finance more expensive lease financing, along with financing certain of its unencumbered vessels.
The Emanuele Lauro-led owner and operator of 113 product tankers has revealed talks with a group of financial institutions for a term loan and revolving loan of up to the aggregate of $750m to $1bn.
The deal consists of a 50% term loan and 50% revolving loan, with a final maturity of five years from the signing date not later than June 30, 2028, and is expected to bear interest at SOFR plus a margin of 1.95% per annum.
The New York-listed company which netted $193.2m in the first quarter, had also earlier executed or received commitments for three separate refinancing deals of up to $391.5m in aggregate. These facilities are expected to be collateralised by 22 vessels and bear interest at SOFR plus margins of between 1.90% and 1.975% per annum. $274.1m has so far been drawn from two of these facilities.
