Scorpio Tankers to pay down credit facility via sale of common stock

By Ashley Montgomery

Kansas City, Kan., Nov. 30 - Scorpio Tankers Inc. said it would use the proceeds from its sale of 7 million shares of common stock to repay the company's 2010 revolving credit facility.

The company said it then intends to redraw amounts under the credit facility to fund the acquisition of two tankers.

Proceeds from the sale of common stock will also be used for general corporate purposes.

Morgan Stanley & Co. LLC is the bookrunner on the stock offering.

Scorpio stock closed at $6.66 on Wednesday.

The company is incorporated in the Marshall Islands and transports oil and petroleum products by sea.

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