Scorpio Tankers upsizes loan from ING Bank by $45.5m

Scorpio Tankers upsizes loan from ING Bank by $45.5m

NYSE-listed Scorpio Tankers has increased its existing credit facility with ING Bank by $45.4m to a total of $132.5m.

The loan will partly finance Scorpio’s acquisition of STI Lombard (114,900 dwt, built 2015), an LR2 product tanker the company currently has on a bareboat charter. Scorpio reportedly agreed in July 2015 to purchase the tanker from Greece’s Prime Tanker Management for $58.5m.

The upsized loan, which bears interest at LIBOR plus a margin of 1.95% per annum, will also go towards refinancing the existing debt on Scorpio’s MR product tanker STI Black Hawk (50,000 dwt, built 2015). The vessel was acquired from York Maritime Holdings in July.

This is the second time Scorpio has increase its loan with ING Bank since the facility was first announced in March. The loan amount was increased from $52m to $87m in September last year.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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