By Abigail W. Adams
Portland, Me., June 25 – Scorpio Tankers Inc. priced $42.4 million of 3% convertible notes due 2025 on June 15 at an issue price of 102.25, according to a company news release.
The notes will accrete at the same 5.52% rate as the originally issued 3% convertible notes due 2025 for an accreted principal amount at maturity of 125.3%, which compounds to a yield-to-maturity of 7.98%, according to a company news release.
In addition to the new notes, the company exchanged $19.4 million of its 3% convertible notes due 2022 for $19.4 million of 3% convertible notes due 2025 in privately negotiated transactions
B. Dyson Capital Advisors was placement agent for the exchange and Rule 144A offering.
The 3% notes are callable subject to a 125.3% hurdle.
They are putable upon a fundamental change.
The new notes and exchange lift the total outstanding amount of the company’s 3% convertible notes due 2025 to $200 million.
Scorpio Tankers issued $138.2 of the 3% convertible notes due 2025 in March through a privately negotiated exchange and sale of new notes.
The total principal amount outstanding of the 3% convertible notes due 2022 is expected to be $69.7 million.
Scorpio Tankers is a Monaco-based marine transportation of petroleum products company.
| Issuer: | Scorpio Tankers Inc.
|
| Securities: | Convertible notes
|
| Amount: | $42.4 million
|
| Maturity: | 2025
|
| Placement agent: | B. Dyson Capital Advisors
|
| Coupon: | 3%
|
| Price: | 102.25
|
| Yield: | 7.98%
|
| Conversion price: | $37.33
|
| Conversion rate: | 26.7879
|
| Call options: | Callable subject to a 125.3% hurdle
|
| Put options: | Upon a fundamental change
|
| Pricing date: | June 15
|
| Settlement date: | June 23
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: STNG
|
| Market capitalization: | $1.41 billion
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
