Scorpio agrees to swap $15 million 2.375% convertibles for 3% issue

By Tali Rackner

Minneapolis, July 13 – Scorpio Tankers Inc. said it agreed to issue new convertible notes in exchange for $15 million of its 2.375% convertible senior notes due 2019, according to a company announcement.

The notes will be exchanged for $15 million principal amount of new 3% convertible senior notes due May 15, 2022 under separate, privately negotiated agreements with the holders.

The new notes will have identical terms, be fungible with and be a part of a series of convertible senior notes with the $188.5 million aggregate principal amount of the 3% convertibles issued in May.

After the exchange, which is expected to close on July 17, about $145 million of the existing convertibles will remain outstanding.

Monaco-based Scorpio is an oil tanker business.

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