Scorpio Tankers increases conversion ratio of 2.375% convertibles

By Angela McDaniels

Tacoma, Wash., March 16 – Scorpio Tankers Inc. adjusted the conversion ratio of its 2.375% convertible senior notes due 2019, according to a 6-K filing with the Securities and Exchange Commission.

The new conversion ratio is 85.2216 shares per $1,000 principal amount of notes, an increase of 1.2031 shares.

The adjustment is due to the payment of a cash dividend of $0.12 per share on or around March 30 to shareholders of record as of March 13.

The new ratio became effective Friday.

Monaco-based Scorpio is an oil tanker business.

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