OREANDA-NEWS. Navig8 Product Tankers Inc. (the "Company") (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today announced that it has entered into a $130.3 million senior secured credit facility agreement with Citibank N.A., London Branch and CAIXABANK, S.A. (the "Credit Facility") to provide post-delivery financing for four of the Company's 74,000 DWT LR1 product tankers constructed or under construction at STX Offshore & Shipbuilding Co. Ltd, including the Navig8 Experience, which was delivered to the Company in March 2016.

The Credit Facility has two separate tranches -- a $26.1 million commercial tranche (the "Commercial Tranche") and a $104.2 tranche inured by Korean Trade Insurance Corporation (the "K-Sure Tranche"). Each drawdown from the Credit Facility shall be comprised of 20% from the Commercial Tranche and 80% from the K-Sure Tranche. The Credit Facility provides financing of approximately 65% of the contract price of these four vessels.

"With a blended margin over LIBOR below 2%, we are pleased to have secured attractively priced financing for these vessels," said Nicolas Busch, Chief Executive Officer of Navig8 Product Tankers. "Thus far, we have raised over $1.3 billion through a combination of equity, senior debt and sale and leaseback financings. We will continue to seek diverse and inexpensive sources of capital as we continue to accept deliveries from our newbuilding program."

Navig8 Product Tankers was established in 2013 as a joint venture between the Navig8 Group and DVB Bank to capitalize on anticipated strong supply/demand fundamentals and the accelerating growth of long-haul clean and dirty oil product cargo movements, driven by increasing geographic dislocations between producers and consumers.

Navig8 Product Tankers maintains an orderbook of long-range (LR), eco-design product tankers, comprising 15 LR2 and 12 LR1 vessels. The company's fleet is contracted to operate in various product tanker pools managed by the Navig8 Group, the world's largest independent pool and commercial management company.

Navig8 Product Tankers is listed on the Norwegian OTC market under the symbol EIGHT.