This will raise $53.9 mill of new liquidity after the repayment of $142 mill of existing secured debt. The company said that it expected to make announcements of further individual transactions in the coming weeks.
STI has received a commitment from ABN AMRO Bank and Skandinaviska Enskilda Banken for a loan facility of up to $120.6 mill.
This loan facility will be used to finance up to 65% of the fair market value of one Handymax, one MR and three LR2s. The facility has a final maturity of five years from the first drawdown date, bears interest at LIBOR plus a margin of 2.6% per annum, and is subject to customary conditions precedent and the execution of definitive documentation.
STI also received a commitment to increase its original $132.5 mill credit facility with ING Bank to $171.2 mill. The increased part of the loan facility will be used to finance up to 65% of the fair market value of one Handymax and one MR.
This increased part of the loan facility has a final maturity during June, 2022, bears interest at LIBOR plus a margin of 2.4% per annum, and is subject to customary conditions precedent and the execution of definitive documentation, STI said.
Furthermore, STI said that it had also received a commitment from a leading European financial institution for a loan facility of up to $36.7 mill, which will be used to finance two MRs.
This loan facility has a final maturity date of June, 2021, bears interest at LIBOR plus a margin of 2.5% per annum, and is also subject to certain conditions precedent and the execution of definitive documentation.