Loan & DebtMay 7, 2026, 04:05 PM
Scorpio Tankers to Offer $150M Convertible Senior Notes; Repurchase Shares
AI Summary
Scorpio Tankers Inc. announced its intention to offer $150.0 million in additional 1.75% convertible senior notes due 2031 in a private offering. The company also expects to grant the initial purchaser an option to buy up to an additional $22.5 million in notes. A portion of the net proceeds will be used to repurchase shares of its common stock concurrently with the offering's closing, with the remainder for general corporate purposes. The notes are senior, unsecured obligations maturing on April 15, 2031, with an initial conversion price of approximately $100.39 per share.
Key Highlights
- Scorpio Tankers to offer $150.0 million aggregate principal amount of additional 1.75% convertible senior notes due 2031.
- Initial purchaser has an option to buy up to an additional $22.5 million aggregate principal amount of New Notes.
- Notes bear interest at 1.75% per annum, payable semi-annually, and mature on April 15, 2031.
- Initial conversion rate is 9.9615 shares of Common Stock per $1,000 principal amount, equivalent to $100.39 per share.
- Company expects to use a portion of net proceeds to repurchase shares of its common stock.
- Remainder of net proceeds will be used for general corporate purposes.