NYSE-listed Scorpio Tankers announced on Friday it has received commitment for a loan facility of up to $44m from NIBC Bank.
The loan will be used to refinance existing debts on two medium-range product tankers. It has a final maturity of five years from signing date and bears interest at Libor (London Interbank Offered Rate) plus a margin of 2.50% per annum.
Scorpio, with main offices in New York and Monaco, has a fleet of almost 80 tankers. Its share price rose 5.2% on news of the loan agreement.