Scorpio Tankers Secures $50M Bank of America Loan for Two LR2 Tankers
Scorpio Tankers secured a committed $50M credit facility from Bank of America to finance two 2015-built LR2 product tankers, STI Rose and STI Alexis, with 7-year maturity and interest at SOFR plus 1.20%. The facility mirrors existing covenants and is expected to close in Q2 2026.
1. Credit Facility Terms
Scorpio Tankers has obtained a $50 million commitment from Bank of America to finance two 2015-built LR2 product tankers, STI Rose and STI Alexis. The loan carries interest at SOFR plus 1.20% per annum and features a seven-year term from each vessel’s drawdown date.
2. Covenant Alignment and Closing Timeline
The new facility’s covenants and terms align with those in Scorpio Tankers’ existing credit agreements, ensuring consistency across its debt portfolio. Execution of definitive documentation is underway, with the transaction expected to close in the second quarter of 2026.
3. Fleet Transactions and Newbuild Orders
Scorpio Tankers currently operates 87 product tankers with an average age of 10.2 years and has agreements to sell nine vessels by Q2 2026. The company also has orders for ten newbuilds, including MR, LR2 and VLCC tankers scheduled for delivery between 2026 and 2029.