Scorpio Tankers repurchases $52.3 million of convertibles due 2022

By Taylor Fox

New York, Sept. 9 – Scorpio Tankers Inc. repurchased $52.3 million of its convertible notes due 2022 at an average price of $894.12 per $1,000, or $46.7 million, between July 1 and Sept. 9, according to a 6-K filing with the Securities and Exchange Commission.

The current outstanding face value of the convertible notes due 2022 is $151.2 million.

Scorpio’s board of directors also authorized a new securities repurchase program to purchase up to $250 million of its securities which, in addition to its common shares, currently consist of its convertible notes due 2022 and senior notes due 2025.

There is $250 million available under the new program, and all future purchases of Scorpio’s securities will be made under this program.

Scorpio is a New York-based shipping company that operates oil tankers.

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