MONACO — (Marketwired) — 08/28/13 — Scorpio Tankers Inc. (NYSE: STNG) (the “Company”) revealed these days which it has received (e) a Commitment document from a leading standard bank (the “Financial Institution”) of $129 million (the “Commercial Tranche”) and (two) A letter of Intent (“LOI”) within the Export-Import Bank of Korea (“KEXIM”) as much as $300.6 million (the KEXIM Tranche) for a loan facility up to $429.6 million (the “KEXIM loan Facility”) which is getting positioned by the standard bank.
The KEXIM assets Facility would be used to finance up to 60 percent regarding the price of newbuildings upon distribution. The Commercial Tranche matures in 2020 and so the KEXIM Tranche matures in 2026 assuming the Commercial Tranche is actually refinanced throughout that time. The covenants resemble those who work in the Company’s credit that is existing, therefore the additional finer points regarding the finance are located in conformity with OECD recommendations.
The LOI from KEXIM is dependent on KEXIM account affirmation and accomplished documents.
Physical exercise of Underwriters’ Over-Allotment Solution
The Company also launched about the underwriters in its formerly announced public promoting of 20,000,000 usual shares practiced their over-allotment choice to acquire 3,000,000 additional usual stocks in the offering cost of $9.50 per express. The business obtained net profits of around $209.6 million, after subtracting underwriters’ discounts and offering expenses from the follow-on offering and the workout of this over-allotment option. The Company includes a complete of 187,656,424 stocks of common stock outstanding and issued.
Time Charter-in Agreements
The Company offers consented to time period charter-in two Handymax item tankers made up of:
A Handymax product or service tanker (37,455 dwt, 2007 built) for eighteen several months at more or less $12,500 per day. The business has the opportunity to increase the rental to have an year that is additional $13,500 every day. This boat is anticipated becoming provided before the heart of 2013 october.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a really carrier of sea transport of petroleum goods worldwide. Scorpio Tankers Inc. currently owns 18 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 11 MR tankers, plus one tanker that is post-Panamax with a average young age of 4 cash advance Texas state.0 decades, time charters-in 29 product tankers (eight LR2, four LR1, eight MR and nine Handymax tankers), possesses caught for 60 newbuilding boats (25 MR, 12 LR2, and 14 Handymax ice class-1A solution tankers, and 9 VLGC), certainly one of which can be supposed to end up being shipped to the Company by September 2013, 40 within 2014 and the staying 19 in the ending of 2015. Additional info with regards to the ongoing company is available with the Company’s internet site www.scorpiotankers.com, Which is not a right point about this press release.
Things discussed with this pr production may represent forward-looking assertions. The Private Securities Litigation campaign function of 1995 delivers safe and secure harbor protections for forward-looking claims in order to urge businesses to provide prospective information on their particular company. Forward-looking assertions include assertions plans that are concerning objectives, objectives, methods, long-term events or overall performance, and main presumptions and various other claims, which have been other than claims of historic insights. The firm desires to use the safe and secure harbour procedures for the professional investments court Reform Act of 1995 and is particularly including this preventive report associated with this harbor legislation that is safe. The lyrics “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions determine forward-looking statements.
The statements that are forward-looking this press release are generally based on several presumptions, many of which tend to be mainly based, in turn, upon further assumptions, including without limitation, our management’s examination of traditional working styles, data found in our files as well as other information which is available from organizations. That we will achieve or accomplish these expectations, beliefs or projections although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you.
The market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors in addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs. Please see the securities to our filings and Exchange amount to get a a whole lot more complete dialogue of the and various dangers and uncertainties.