Scorpio Tankers increases conversion rate for convertibles due 2019

By Marisa Wong

Morgantown, W.Va., Dec. 14 – Scorpio Tankers Inc. raised the conversion rate for its convertible senior notes due 2019, according to a 6-K filing with the Securities and Exchange Commission.

The new rate is 98.7742 shares per $1,000 principal amount, an increase of 0.3292 shares.

Scorpio made the change because of a cash dividend of $0.01 per common share payable on Dec. 28 to shareholders of record as of Dec. 13.

The new conversion rate became effective Wednesday.

Scorpio is a New York-based shipping company that operates oil tankers.

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