Scorpio Tankers Unveils New $150 Mln Share Repurchase Program

(RTTNews) - Scorpio Tankers Inc. (STNG) said Monday that its Board of Directors has approved a new stock buyback program with authorization to purchase up to $150 million of shares of the company's common stock.

The program replaces the company's stock buyback program that was previously announced in April, which is being terminated effective immediately.

During the second quarter of 2014, the company has acquired about 22.6 million of its common shares that are being held as treasury shares, which includes 4,998,785 common shares that were purchased in the open market at an average price of $8.87 per share, 7,500,000 common shares that were acquired in exchange for 3,422,665 shares in Dorian LPG Ltd. and 10,127,600 common shares that were acquired in conjunction with the company's offering of the Notes.

The company has 178,534,162 shares outstanding as of June 30.

The company also said that the initial purchasers in its previously announced offering of $300 million of the Notes fully exercised their option to purchase an additional $60 million in the Notes for an aggregate of $360 million in the Notes. The company plans to use the net proceeds of the offering of the Notes for general corporate purposes including additional potential repurchases of its common stock.

Additionally, the Company said that it has recently taken delivery of three product tankers under its Newbuilding Program.