GlobeNewswire·May 7, 2026, 10:52 PM ET

Scorpio Tankers Inc. Prices Reopening of 1.75% Convertible Senior Notes due 2031 and Concurrent Stock Repurchase

STNG

Scorpio Tankers Inc. priced a private offering of $200.0 million in aggregate principal amount of 1.75% convertible senior notes due 2031, increasing the initial size from $150.0 million.
The New Notes were sold at 110.25% of par plus accrued interest from April 10, 2026, to May 12, 2026, generating gross proceeds of $220.5 million.
The offering resulted in a combined yield to maturity of approximately 1.0% for the aggregate series of New Notes & Initial Notes.
An option was granted to the initial purchaser to buy up to an additional $30.0 million of New Notes during a 13-day period starting May 12, 2026.
The Company agreed to concurrently repurchase 649,427 shares of common stock from New Notes purchasers at $84.69 per share.
Settlement is expected on May 12, 2026, with the Notes maturing on April 15, 2031.
Interest accrues at 1.75% per annum, payable semi-annually on April 15 & October 15, beginning October 15, 2026.
The initial conversion rate is 9.9615 shares of common stock per $1,000 principal, equivalent to a conversion price of approximately $100.39 per share.
Holders may convert notes after January 15, 2031, or under certain circumstances prior to that date, with settlement in cash, shares, or a combination.
The Company may redeem notes in whole or in part on or after April 20, 2029, if the common stock price exceeds 130% of the conversion price for a specified period.
Estimated net proceeds are approximately $216.3 million, or $248.8 million if the over-allotment option is fully exercised.
Approximately $55.0 million of net proceeds will be used for the common stock repurchase, with the remainder allocated to general corporate purposes.
The New Notes are senior, unsecured obligations sold only to qualified institutional buyers pursuant to Rule 144A.