The shipping firm increased its 1.75% convertible notes due 2031 from $150M to $200M and launched a share repurchase program.
Scorpio Tankers (STNG) priced a $200M private offering of 1.75% convertible senior notes due 2031, up from the initially announced $150M. The notes were priced at 110.25% of par value, reflecting strong investor demand.
The company had previously targeted $150M for the reopening of its convertible notes but expanded the offering to meet market interest. The notes mature in 2031 and carry a low coupon rate, aligning with current low-yield financing trends.
Alongside the debt raise, Scorpio Tankers announced a share repurchase program, signaling confidence in its financial position and shareholder value.