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Scorpio Tankers lines up $172m in loans for newbuilds

Scorpio Tankers lines up $172m in loans for newbuilds
Scorpio Tankers has lined-up $172m in loans to partially fund eight newbuildings.

The $172m loan facility is with a group of banks including Macquarie Bank Limited (London Branch), DekaBank Deutsche Girozentrale, The Export-Import Bank of Korea and Garanti-Instituttet for Eksportkreditt.

The facility comprises multiple tranches and will be used to fund up to 60% of the cost of eight MR product tanker newbuildings being built by Hyundai Mipo Dockyard for delivery in 2017 and 2018.

The loan tranches have a maturity of six to 12 years and bears interest of LIBOR plus 2.02% per year.

Scorpio Tankers owns a fleet of 77 product tankers.