Watson Farley & Williams (“WFW”) advised BNP Paribas and Standard Chartered Bank as co-documentation banks and DNB Bank ASA, New York, as agent, on a US$500m revolving credit facility to Scorpio Tankers Inc. (“Scorpio Tankers”).
The oversubscribed credit facility was provided by a group of eight banks. The facility is a revolving credit facility with a seven year maturity date and provides Scorpio Tankers the flexibility to draw down or repay the loan during this period. The commitment will be used to finance 26 product tankers. The credit facility includes an uncommitted accordion feature which may be incurred no later than 24 months after signing.
Scorpio Tankers is a leading international provider of marine transportation for petroleum products worldwide. Headquartered in Monaco, the company operates a modern fleet of 99 tankers, ensuring efficient and reliable delivery across global shipping markets.
The cross-border WFW Assets and Structured Finance team who advised the banks was led by Dubai Partner Emily Widdrington, supported by London Associate Jack Oldbury and Trainees Hayley Rowcliffe, Sofia Koukouli and Aditya Ashok. Tax expertise was provided by London Partner Richard Stephens, with WFW New York providing Marshall Islands advice.
Emily commented: “We are delighted to have represented the lenders on this significant commitment to Scorpio Tankers. The transaction highlights WFW’s strength in advising the maritime sector’s key financiers on big ticket financings”.
