Scorpio Tankers received a commitment to upsize its previously announced $87 million credit facility with ING Bank to $132.5 million.

The facility will bear interest at LIBOR plus a margin of 1.95% per annum, and the proceeds will be used to partially finance the purchase of STI Lombard and refinance the existing indebtedness on an MR product tanker built in 2015.

Scorpio said the terms and conditions, including covenants, of the credit facility are similar to those in the company’s existing credit facilities.

Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers currently owns 79 product tankers with an average age of 1.3 years. The company has contracted for 12 newbuilding product tankers.