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  • Scorpio Tankers announces pricing of public offering of 15M common shares
  • 2015 May 5 15:06

    Scorpio Tankers announces pricing of public offering of 15M common shares

    Scorpio Tankers Inc. (NYSE: STNG) announced that it has priced its previously announced underwritten public offering of 15 million of its common shares, par value $0.01 per share, at $9.30 per share, the Company said in a press release.

    The Offering is expected to close on May 5, 2015. UBS Securities LLC is acting as sole book-running manager in the Offering and Clarksons Platou Securities, Inc. is acting as Joint Lead Manager. Clarksons Capital Markets, LLC, Evercore Group L.L.C., Nomura Securities International, Inc. and Stifel are acting as Senior Co-Managers. The Company has also granted the underwriters a 30-day option to purchase up to 2,250,000 additional Common Shares. Substantially all of the net proceeds of the offering are expected to be used to fund a portion of the acquisition costs of additional modern product tankers, which may include three LR2 product tankers that the Company currently has options to purchase from an unaffiliated third party. Any net proceeds of the Offering not used for vessel acquisitions are expected to be used for general corporate purposes.

    About Scorpio Tankers Inc.
    Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. The Company currently owns 67 tankers (12 LR2 tankers, 15 Handymax tankers, and 40 MR tankers) with an average age of 0.9 years, time charters-in 21 product tankers (five LR2, five LR1, four MR and seven Handymax tankers), and has contracted for 11 newbuilding product tankers (five MR and six LR2), seven of which are expected to be delivered in the second quarter of 2015 and the remaining four vessels in 2016. The Company also owns approximately 16% of Dorian LPG Ltd.


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