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Scorpio Tankers ups conversion rate for convertibles due 2019, 2022
By Sarah Lizee
Olympia, Wash., March 13 – Scorpio Tankers Inc. raised the conversion rate for its convertible senior notes due 2019 and its convertible senior notes due 2022, according to a 6-K filing with the Securities and Exchange Commission.
The new rate for the 2019 convertibles is 10.1110 shares per $1,000 principal amount, an increase of 0.0570 shares.
The new rate for the 2022 convertibles is 25.4799 shares per $1,000 principal amount, an increase of 0.1437 shares.
Scorpio made the change because of a cash dividend of $0.01 per common share payable on March 28 to shareholders of record as of March 13.
The new conversion rate became effective Wednesday.
Scorpio is a New York-based shipping company that operates oil tankers.
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