Scorpio Tankers increases conversion ratio of 2.375% convertibles

By Marisa Wong

Morgantown, W.Va., Feb. 22 – 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.

Effective Thursday, the new conversion rate will be 97.9316 shares of common stock per $1,000 principal amount of the notes, representing an increase of 0.2277 shares per $1,000 principal amount of notes.

The adjustment is due to a cash dividend of $0.01 per common share payable on March 30 to all shareholders of record as of Feb. 23.

The company’s stock closed at $4.29 (NYSE: STNG) on Tuesday.

Scorpio is an oil tanker business based in Monaco.

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