MONACO, Jan. 12, 2021 (GLOBE NEWSWIRE) — Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Firm”) introduced right now that it has acquired a dedication to promote and leaseback three MR product tankers (STI Memphis, STI Soho, and STI Osceola) and one LR2 product tanker (STI Lombard) to AVIC Worldwide Leasing Co., Ltd. Upon completion, the Firm’s liquidity is predicted to extend by about $32 million in mixture after the reimbursement of excellent debt. The phrases and circumstances of those preparations are much like these set forth within the Firm’s current lease financing preparations. These new lease financing preparations are topic to sure circumstances precedent and the execution of definitive documentation.
Along with the above, the Firm acquired a dedication from a European monetary establishment for a $21.0 million time period mortgage facility to refinance the excellent debt on an LR2 product tanker, STI Madison. Upon completion, the Firm’s liquidity is predicted to extend by about $5 million after the reimbursement of excellent debt. This mortgage facility is predicted to mature in December 2022. The remaining phrases and circumstances of this mortgage facility, together with monetary covenants, are much like these set forth within the Firm’s current credit score amenities. The mortgage facility is topic to sure circumstances precedent and the execution of definitive documentation.
The above financing preparations are a part of the Firm’s new financing discussions that had been introduced on November 5, 2020.
About Scorpio Tankers Inc.
Scorpio Tankers is a supplier of marine transportation of petroleum merchandise worldwide. The Firm’s fleet consists of 135 owned, finance leased or bareboat chartered-in product tankers (42 LR2 tankers, 12 LR1 tankers, 63 MR tankers and 18 Handymax tankers) with a median age of 5.2 years. Extra details about the Firm is out there on the Firm’s web site www.scorpiotankers.com, which isn’t part of this press launch.
Issues mentioned on this press launch might represent ahead‐trying statements. The Personal Securities Litigation Reform Act of 1995 supplies secure harbor protections for ahead‐trying statements with the intention to encourage firms to supply potential details about their enterprise. Ahead‐trying statements embrace statements regarding plans, goals, objectives, methods, future occasions or efficiency, and underlying assumptions and different statements, that are apart from statements of historic info. The Firm needs to reap the benefits of the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995 and is together with this cautionary assertion in reference to this secure harbor laws. The phrases “consider,” “count on,” “anticipate,” “estimate,” “intend,” “plan,” “goal,” “venture,” “probably,” “might,” “will,” “would,” “may” and comparable expressions determine ahead‐trying statements.
The ahead‐trying statements on this press launch are based mostly upon numerous assumptions, lots of that are based mostly, in flip, upon additional assumptions, together with with out limitation, administration’s examination of historic working traits, information contained within the Firm’s information and different information obtainable from third events. Though administration believes that these assumptions had been cheap when made, as a result of these assumptions are inherently topic to vital uncertainties and contingencies that are tough or inconceivable to foretell and are past the Firm’s management, there will be no assurance that the Firm will obtain or accomplish these expectations, beliefs or projections. The Firm undertakes no obligation, and particularly declines any obligation, besides as required by regulation, to publicly replace or revise any ahead‐trying statements, whether or not because of new info, future occasions or in any other case.
Along with these necessary elements, different necessary elements that, within the Firm’s view, may trigger precise outcomes to vary materially from these mentioned within the ahead‐trying statements embrace unexpected liabilities, future capital expenditures, revenues, bills, earnings, synergies, financial efficiency, indebtedness, monetary situation, losses, future prospects, enterprise and administration methods for the administration, size and severity of the continuing novel coronavirus (COVID-19) outbreak, together with its impact on demand for petroleum merchandise and the transportation thereof, growth and development of the Firm’s operations, dangers referring to the combination of property or operations of entities that it has or might sooner or later purchase and the chance that the anticipated synergies and different advantages of such acquisitions might not be realized inside anticipated timeframes or in any respect, the failure of counterparties to completely carry out their contracts with the Firm, the power of world economies and currencies, common market circumstances, together with fluctuations in constitution charges and vessel values, modifications in demand for tanker vessel capability, modifications within the Firm’s working bills, together with bunker costs, drydocking and insurance coverage prices, the marketplace for the Firm’s vessels, availability of financing and refinancing, constitution counterparty efficiency, means to acquire financing and adjust to covenants in such financing preparations, modifications in governmental guidelines and rules or actions taken by regulatory authorities, potential legal responsibility from pending or future litigation, common home and worldwide political circumstances, potential disruption of transport routes because of accidents or political occasions, vessels breakdowns and cases of off‐hires, and different elements. Please see the Firm’s filings with the SEC for a extra full dialogue of sure of those and different dangers and uncertainties.
Scorpio Tankers Inc.