Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced that the Company has repurchased its common shares and convertible notes due 2025, and the Company has given notice to exercise its purchase options on six leased vessels.
Repurchase of Common Shares
Scorpio Tankers has recently repurchased 364,474 of its common shares in the open market at an average price of $29.17 per share.
Repurchase of Convertible Notes Due 2025
The Company has recently repurchased $1.5 million in aggregate principal amount of its Convertible Notes due 2025 in the open market.
Securities Repurchase Program
As of the date of this press release, the Company has $223.4 million available under its Securities Repurchase Program.
The Company’s securities include its common shares, Senior Notes due 2025 (NYSE:SBBA), and Convertible Notes due 2025.
Exercise of Purchase Option on Six Leased Vessels
The Company has given notice to exercise its purchase options on six 2014 built MR product tankers (STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama, and STI Regina). These vessels were sold and leased back by the Company in August 2018. The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchase, which is expected to occur in August 2022, will result in a debt reduction of $95.0 million for the Company.
Reference: Scorpio Tankers
Shipping News You Would Like:
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Latest Shipping News You Would Like:
Get the Latest Maritime News Delivered to Your Inbox!
Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.