Loan & DebtMay 7, 2026, 10:54 PM
Scorpio Tankers Prices $200M Convertible Notes, Repurchases 649K Shares
AI Summary
Scorpio Tankers Inc. priced a private offering of $200.0 million in additional 1.75% convertible senior notes due 2031, an increase from the initially announced $150.0 million. The offering generated gross proceeds of $220.5 million. Concurrently, the company agreed to repurchase 649,427 shares of its common stock for approximately $55.0 million, utilizing a portion of the net proceeds. The remaining net proceeds, estimated at $216.3 million, will be allocated for general corporate purposes.
Key Highlights
- Priced $200.0 million additional 1.75% convertible senior notes due 2031.
- Offering size increased from $150.0 million; generated $220.5 million gross proceeds.
- Agreed to repurchase 649,427 common shares at $84.69 per share, totaling ~$55.0 million.
- Net proceeds estimated at $216.3 million, with remainder for general corporate purposes.
- Initial conversion rate is 9.9615 shares per $1,000 principal amount, or $100.39 per share.
- Initial purchaser has option to buy additional $30.0 million in notes.