Scorpio Tankers to sell $25-par three-year notes talked at 7.5% area

By Stephanie N. Rotondo

Phoenix, Oct. 28 – Scorpio Tankers Inc. plans to price at least $25 million of $25-par senior unsecured notes due Oct. 15, 2017, according to a press release.

Price talk is in the 7.5% area, a trader said.

Stifel, Nicolaus & Co. Inc., Jefferies Inc., Credit Suisse Securities (USA) LLC and Janney Montgomery Scott LLC are the joint bookrunners. Wunderlich Securities Inc. and BB&T Capital Markets are the co-managers.

Interest will be payable quarterly, beginning Jan. 15.

Upon a change of control, holders can require the company to repurchase the notes at 101% of par plus accrued interest. In the event of certain tax changes, the company can redeem the notes in whole at par plus accrued interest.

The company intends to list the notes on the New York Stock Exchange under the ticker symbol “SBNB.”

Proceeds will be used for general corporate purposes and for working capital, which may include the acquisition of new or secondhand vessels.

Scorpio Tankers is a Monaco-based containership company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.