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Kexim Credit Facility News

28 Jul 2014

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. For the three months ended June 30, 2014, the Company had a net loss of $0.6 million, or $0.00 basic and diluted loss per share. For the six months ended June 30, 2014, the Company had net income of $52.8 million, or $0.28 basic and diluted earnings per share. The Company's adjusted net loss was $9.4 million. On July 28, 2014, the Scorpio Tankers' board of directors declared a quarterly cash dividend of $0.10 per share, payable on September 10, 2014 to all shareholders as of August 22, 2014 (the record date). As of July 25, 2014, there are 172,206,301 shares outstanding.

01 Jul 2014

Scorpio Tankers Update Finance & Newbuilding News

Scorpio Tankers inform of a new $150 million stock buyback program; initial purchasers' exercise of their option to purchase additional $60 million in convertible senior notes due 2019, and newbuilding vessel deliveries. On June 27, 2014, the Board of Directors approved a new stock buyback program with authorization to purchase up to $150 million of shares of the Company's common stock. This program replaces the Company's stock buyback program that was previously announced in April 2014, which is being terminated effective immediately. The Company expects to repurchase these shares in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any shares.

29 Aug 2013

Scorpio Tankers Arrange Funds for Newbuildings

Scorpio Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers (having placed orders for 60 newbuilding vessels) announce a loan facility, market underwriters' share purchase option, as well as two time charter-in agreements. Scorpio Tankers Inc. (ii) a Letter of Intent from The Export-Import Bank of Korea (KEXIM) of up to $300.6 million for a loan facility of up to $429.6 million that is being arranged by the financial institution. The KEXIM Credit Facility would be used to finance up to 60% of the purchase price of newbuildings upon delivery.