6 August 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised a syndicate of banks led by Nordea Bank Finland PLC (“Nordea”) as administrative agent on a US$525 million term loan and revolving credit facility for Scorpio Tankers Inc (“Scorpio”).
Nordea Bank Finland is 100% owned by Nordea Bank AB, the largest financial services group in Northern Europe.
Scorpio is a provider of marine transportation of petroleum products worldwide and currently owns 18 tankers, has time charters-in 27 product tankers and has contracted for 60 newbuilding vessels to be delivered between September 2013 and the end of 2015. Proceeds of the Nordea facility will be used to fund the purchase of vessels being acquired by Scorpio as part of its expansion program.”
Dan Rodgers, partner and head of New York at WFW, said: “Having worked with Nordea on previous club lending facilities for Scorpio, we are pleased to have been chosen to act on this important syndicated facility, highlighting the depth of WFW’s financing expertise across its offices.”