Scorpio Tankers Announces Pricing Of $300 Mln Convertible Senior Notes Due 2019

(RTTNews) - Scorpio Tankers Inc. (STNG) Wednesday announced pricing of its offering of $300 million in aggregate principal amount of its 2.375% convertible senior notes due 2019 in a private offering to qualified institutional buyers.

The provider of seaborne transportation of refined petroleum products and crude oil, stated that the private offering was upsized from the previously announced $250 million aggregate principal amount of the Notes.

The offering is expected to close on June 30, 2014, subject to satisfaction of certain customary closing conditions.

The company intends to use the net proceeds of the offering of the Notes for a concurrent share repurchases of approximately $90 million and general corporate purposes, including additional potential repurchases of its common stock.