Scorpio Announces KEXIM Credit Facility and Charter-In Agreements

Scorpio Tankers Inc. announced today that it has received a Commitment Letter from a leading financial institution of $129 million and a Letter of Intent (LOI) from The Export-Import Bank of Korea (KEXIM) of up to $300.6 million for a loan facility of up to $429.6 million that is being arranged by the Financial Institution.

The KEXIM Credit Facility would be used to finance up to 60% of the purchase price of newbuildings upon delivery. The Commercial Tranche matures in 2020 and the KEXIM Tranche matures in 2026 assuming the Commercial Tranche is refinanced through that date. The covenants are similar to those in the Company’s existing credit facilities, and the other terms and conditions of the loan are in accordance with OECD Guidelines.

The LOI from KEXIM is subject to KEXIM credit approval and executed documentation.

Exercise of Underwriters’ Over-Allotment Option

The Company also announced that the underwriters in its previously announced public offering of 20,000,000 common shares exercised their over-allotment option to purchase 3,000,000 additional common shares at the offering price of $9.50 per share. The Company received net proceeds of approximately $209.6 million, after deducting underwriters’ discounts and offering expenses from the follow-on offering and the exercise of the over-allotment option. The Company has a total of 187,656,424 shares of common stock issued and outstanding.

Time Charter-in Agreements

The Company has agreed to time charter-in two Handymax product tankers consisting of:

A Handymax product tanker (37,412 dwt, 2007 built) for one year at approximately $12,500 per day. The Company also has the option to extend the charter for an additional year at $13,250 per day. This vessel is expected to be delivered prior to the middle of October 2013.

A Handymax product tanker (37,455 dwt, 2007 built) for eighteen months at approximately $12,500 per day. The Company also has the option to extend the charter for an additional year at $13,500 per day. This vessel is expected to be delivered prior to the middle of October 2013.

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Scorpio Tankers, August 28, 2013