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Scorpio Tankers adjusts conversion rate for 2025 convertibles
By William Gullotti
Buffalo, N.Y., Nov. 16 – Scorpio Tankers Inc. will adjust the conversion rate for its convertible senior notes due 2025 effective at the close of business on Nov. 17, according to a 6-K filing with the Securities and Exchange Commission.
The rate will be upped to 27.5281 common shares per $1,000 principal amount of notes, an increase of 0.0558 per $1,000 note.
The change is due to a cash dividend of $0.10 per common share payable on or around Dec. 15 to shareholders of record as of Nov. 17.
Scorpio is a Monaco-based shipping company that operates oil tankers.
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