Scorpio Tankers increases conversion rate for 2025 convertibles

By Wendy Van Sickle

Columbus, Ohio, May 19 – Scorpio Tankers Inc. adjusted the conversion rate for its convertible senior notes due 2025 effective after the close of business on Thursday, according to a 6-K filing with the Securities and Exchange Commission.

The new rate is 27.4083 common shares per $1,000 principal amount of notes, an increase of 0.0941 per $1,000 note.

Scorpio made the change because of a cash dividend of $0.10 per common share payable on or around June 15 to shareholders of record as of May 20.

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

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