Scorpio Tankers Inc. Announces Closing of a Previously Announced Credit Facility

Scorpio Tankers, Inc. (NYSE: STNG) (the “Company”) announced today that it has closed a previously announced credit facility with a group of European financial institutions.

In May 2020, the Company executed an agreement for a loan facility of up to $225.0 million with a group of European financial institutions. This loan facility consists of a $150.0 million term loan facility and $75.0 million revolving credit facility. The proceeds of this new facility are expected to be used to refinance the existing debt on nine vessels.

The loan has a final maturity of five years from the closing date of the loan and bears interest at LIBOR plus a margin. The loan is expected to be repaid in equal quarterly installments with a balloon payment due at maturity. The terms and conditions, including financial covenants, are similar to the Company’s existing credit facilities.

About Scorpio Tankers Inc.

Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. The Company’s fleet consists of 137 owned, finance leased or bareboat chartered-in product tankers (42 LR2 tankers, 12 LR1 tankers, 62 MR tankers and 21 Handymax tankers) with an average age of 4.6 years. The Company also has a leasehold interest in an MR product tanker that is currently under construction. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of this press release.

Contact Information

Scorpio Tankers Inc.
(212) 542-1616