Scorpio Tankers (STNG) said a group of financial institutions committed to offering a revolving credit facility of up to $500 million.
The seven-year loan is expected to bear interest at the secured overnight financing rate plus a margin of 1.85% per annum with a commitment fee of 0.74% per annum applicable for any undrawn amounts, Scorpio said Thursday in a statement.
The credit facility is expected to be secured by Scorpio's unencumbered 26 product tankers and includes ah uncommitted accordion feature of up to $100 million, the company said.
Scorpio expects the loan commitments to be finalized in Q1. The lenders weren't disclosed.
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