Scorpio Tankers lifts conversion rate on convertible notes due 2019

By Marisa Wong

Madison, Wis., Nov. 26 – Scorpio Tankers Inc. adjusted the conversion rate of its convertible senior notes due 2019, according to a 6-K filing with the Securities and Exchange Commission.

The new conversion rate is 84.0184 shares of the company’s common stock per $1,000 principal amount of notes, an increase of 1.1629 shares from the prior conversion rate.

The adjustment is due to payment of a previously announced cash dividend of $0.12 per share, payable on or around Dec. 12 to all shareholders as of Nov. 25.

The new rate is effective as of Tuesday.

Monaco-based Scorpio is an oil tanker business.

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