Scorpio Tankers increases conversion rate for convertibles due 2022

By Taylor Fox

New York, Sept. 9 – Scorpio Tankers Inc. increased the conversion rate for its convertible senior notes due 2022 effective Wednesday, according to a 6-K filing with the Securities and Exchange Commission.

The new rate is 26.2463 common shares per $1,000 principal amount of notes, an increase of 0.2263 of a share.

Scorpio made the change because of a cash dividend of $0.10 per common share payable on Sept. 29 to shareholders of record as of Sept. 9.

Scorpio is a New York-based shipping company that operates oil tankers.

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