Scorpio Tankers increases conversion rate for convertibles due 2019

By Sarah Lizee

Olympia, Wash., March 12 – 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 99.2056 shares per $1,000 principal amount, an increase of 0.4313 shares.

Scorpio made the change because of a cash dividend of $0.01 per common share payable on March 27 to shareholders of record as of March 12.

The new conversion rate became effective Monday.

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

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