Scorpio Tankers Inc. has received a commitment from a group of European financial institutions for a credit facility of up to $225.0 million. The credit facility will be used to finance 11 MR product tankers and two LR2 product tankers. The credit facility has a final maturity of five years from the signing date and bears interest at SOFR plus a margin of 1.975% per annum.

The terms and conditions, including financial covenants, are similar to those set in the Company's existing credit facilities. The credit facility is subject to customary conditions precedent and the execution of definitive documentation, and is expected to close within the first quarter of 2023. The proceeds of this new facility are expected to be used to repay more expensive lease financing.