Scorpio Tankers ups conversion rate for convertibles due 2019, 2022

By Angela McDaniels

Tacoma, Wash., June 4 – Scorpio Tankers Inc. changed the conversion rates for its convertible senior notes due 2019 and its convertible senior notes due 2022 effective Wednesday, according to a 6-K filing with the Securities and Exchange Commission.

The new rate for the 2019 convertibles is 10.1494 common shares per $1,000 principal amount of notes, an increase of 0.0384 of a share.

The new rate for the 2022 convertibles is 25.5767 common shares per $1,000 principal amount of notes, an increase of 0.0968 of a share.

Scorpio made the change because of a cash dividend of $0.01 per common share payable on June 27 to shareholders of record as of June 5.

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

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