Scorpio Tankers buys back $1.5 million convertibles due 2019 at 108.81

By Susanna Moon

Chicago, Aug. 12 – Scorpio Tankers Inc. said it has acquired $1.5 million principal amount of its convertible senior notes due 2019 since the $250 million buyback program was authorized at the end of May.

The company paid an average price of $1,088.10 per $1,000 principal amount, according to a company press release.

Under the buyback program, the company also has purchased 1,716,155 of its common shares in the open market at an average price of $10.48 per share so far during August and a total of 1,986,504 common shares at an average price of $10.42 per share since the program began.

The company has $227.6 million remaining under its securities buyback program as of Wednesday and expects to repurchase more securities in the open market but is not obligated to do so.

Monaco-based Scorpio is an oil tanker business.

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