London: NYSE-listed Scorpio Tankers has secured loans of $52m and $61.2m to partially fund its purchase of four LR2 product tankers agreed in December 2014.
The $52m loan facility will go towards the cost of two 110,000-dwt LR2s currently under construction at Daehan Shipbuilding in South Korea. The two tankers are expected for delivery in Q1 2016 and Q2 2016 respectively.
The $61.2m loan will be used in part to finance the purchase of two 110,000-dwt LR2s being built at South Korea’s Sungdong Shipbuilding & Marine Engineering. Deliveries are expected in Q2 2016 and Q3 2016 respectively.
Scorpio says the loans were secured from two “European financial institutions” but didn’t give further details.
The $52m loan facility has a final maturity of seven years from the date of signing, with interest at LIBOR plus a margin of 1.95% per annum, Scorpio says. The $61.2m loan facility has a final maturity of five years from the date of delivery of each vessel and bears interest at LIBOR plus a margin ranging between 1.95% and 2.40% per annum (depending on the advance ratio).