08:50 AM EDT, 05/20/2024 (MT Newswires) -- Scorpio Tankers ( SBBA ) said Monday it has secured approval from majority lenders under its 2023 $1 billion credit facility to execute an unscheduled repayment of $223.6 million on the term portion of the credit facility in June.

The prepayment will be allocated towards the eight quarterly principal installments of the term loan, spanning from Q3 2024 to Q2 2026.

The company expects its cash break-even rates to decrease by about $3,500 per day for the first year following the prepayment, given the lower debt service costs. The repayment will also not affect the availability under the revolving portion of the credit facility, which is currently at $288.2 million, the company said.

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