Gaining Flexibility – Scorpio Re-structures Credit Facility

At the end of the day, every trader will tell you it is always about options. In a move to gain flexibility, Scorpio Tankers announced that it had converted its 2010 Credit Facility, led by Nordea, DnB NOR and ABN AMRO, from a term loan to a reducing revolving credit facility. With an availability of $137 million, representing the balance of the original term loan, the new facility gives the company the ability to pay down the outstanding balance when it has excess cash and re-borrow from the total available commitments as needed.

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