Watson Farley & Williams (“WFW”) has advised BNP Paribas as documentation bank and DNB Bank ASA, New York Branch as agent on a US$1bn term and revolving credit facility to Scorpio Tankers Inc. (“Scorpio Tankers”). The over-subscribed credit facility provided by a group of banks will be used to finance 45 product tankers.
Consisting of a 50% term loan and a 50% revolving loan, the credit facility has a final maturity of 30 June 2028.
Scorpio Tankers is a leading product tanker owner providing marine transportation for refined petroleum products and is a global leader in responsible marine transportation. The company’s fleet consists of 112 wholly owned, finance leased or bareboat chartered-in tankers.
The WFW London Assets and Structured Finance team that advised the syndicate was led by Partner Emily Widdrington, supported by Senior Associate Elizabeth Ilett and trainees Teresa McGillivray, Jack Oldbury and Ellen Mackie.
Emily commented: “It was a pleasure to advise the lenders on this important transaction for Scorpio Tankers, which highlights our expertise advising on big ticket financings in the maritime space”.
Partner Michael O’Donnell added: “We are pleased to have been involved in supporting many of our long-standing clients who were part of this syndicate of lenders”.
