In November 2016, Scorpio Tankers received a commitment from HSH Nordbank for a loan facility of up to $34 million.

The loan facility is expected to be used to refinance the existing indebtedness on two MR product tankers, has a final maturity of five years from the first drawdown date, and bears interest at LIBOR plus a margin of 2.50% per annum.

The availability is expected to be used to finance up to 60% of the fair market value of the respective vessels. The remaining terms and conditions, including financial covenants, are similar to those set forth in the company’s 2016 credit facility. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.