Scorpio Tankers tenders for 7½% senior notes due 2017

New York, March 28 – Scorpio Tankers Inc. began a cash tender offer for its $51.75 million of $25-par 7½% senior notes due October 2017, according to a news release.

The company is offering to pay $25.00 per $25 principal amount plus accrued interest up to but excluding the payment date.

The early deadline for the tender is 5 p.m. ET on April 11, and the expiration is 11:59 p.m. ET on April 25.

Completion of the tender is subject to conditions, including the sale of enough new notes to fund the tender.

Scorpio announced it would sell new senior notes due 2019 on Tuesday morning.

The company said proceeds would be used to fund the tender and to repay any notes not repurchased in the offer.

Part of the funds from the new deal will be placed in an escrow account for the benefit of Stifel, Nicolaus & Co., Inc., one of the bookrunners for the notes, to fund all or part of the amount payable for existing notes that are tendered by Stifel. Janney Montgomery Scott is also a bookrunner.

Scorpio did not disclose the names of the dealer managers for the tender nor did it identify an information agent.

Scorpio is a Monaco-based provider of marine transportation for petroleum products. It owns 79 tankers and charters a further 19.

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