Scorpio Tankers: Delivery of First Vessel from Newbuilding Program (Monaco)

Scorpio Tankers Inc. announced today that it has signed an agreement with its lenders to extend the availability period of its 2011 Credit Facility until January 31, 2014 and has taken delivery of STI Amber, the first vessel under its previously announced Newbuilding program.

Extension of Availability Period under the 2011 Credit Facility

The Company signed an agreement with its lenders, Nordea Bank Finland plc, DNB Bank ASA, and ABN AMRO Bank N.V., to extend the availability period of its 2011 Credit Facility until January 31, 2014. The availability period was previously scheduled to expire in May 2013. There is currently $115 million available for borrowing under this facility, which can be used to finance up to 50% of future vessel acquisitions.

Emanuele Lauro, chief executive officer and chairman of the board, commented, “This extension gives us the additional flexibility to pursue opportunities to further expand and renew our fleet. We appreciate the continued support of our strategy by our lenders.”

Delivery of the STI Amber

On July 18, 2012, the Company took delivery of the STI Amber, the first vessel of eight vessels scheduled for delivery under its Newbuilding program between July 2012 and April 2013. The delivery of the vessel was partially financed by drawing down $23.0 million on its Newbuilding Credit Facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB.

[mappress]
Source: Scorpio Tankers, July 23, 2012