New York, Oct. 28 – Scorpio Tankers Inc. to priced $45 million of $25-par senior notes due Oct. 15, 2017 with a 7.5% coupon, according to a press release.
The deal came in line with price talk that had been set in the 7.5% area.
Stifel, Nicolaus & Co. Inc., Jefferies Inc., Credit Suisse Securities (USA) LLC and Janney Montgomery Scott LLC are the joint bookrunners.
The offering has a $6.75 million over-allotment option.
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.
| Issuer: | Scorpio Tankers Inc.
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| Issue: | Senior notes
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| Amount: | $45 million
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| Greenshoe: | $6.75 million
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| Maturity: | Oct. 15, 2017
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| Coupon: | 7.5%
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| Price: | Par of $25.00
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| Call: | At par in the event of tax changes, otherwise non-callable
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Bookrunners: | Stifel, Nicolaus & Co. Inc., Jefferies Inc., Credit Suisse Securities (USA) LLC and Janney Montgomery Scott LLC
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| Co-managers: | Wunderlich Securities Inc. and BB&T Capital Markets
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| Distribution: | Off shelf
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| Listing: | NYSE: SBNB (expected)
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