Scorpio Tankers Inc. Announces Proposed Offering of $250,000,000 Convertible Senior Notes due 2019

Scorpio Tankers Inc. announced that it intends to offer $250,000,000 in aggregate principal amount of convertible senior notes due 2019 (the “Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company expects to grant the initial purchasers of the Notes a 30-day option to purchase up to an additional $50,000,000 in aggregate principal amount of the Notes in connection with the offering. Upon conversion of the Notes at the option of holders in certain circumstances and during certain periods, holders will receive shares of the Company’s common stock. The interest rate, initial conversion rate and other terms of the Notes will be determined by negotiations between the Company and the initial purchasers of the Notes.

The Company intends to use the net proceeds of the offering of the Notes for a concurrent share repurchase of up to $150 million and general corporate purposes, including additional potential repurchases of its common stock.
Source: Scorpio Tankers Inc.