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.