Scorpio Tankers increases conversion ratio of 2.375% convertibles

By Angela McDaniels

Tacoma, Wash., March 10 – Scorpio Tankers Inc. adjusted the conversion ratio of its 2.375% convertible senior notes due 2019 on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The new conversion ratio is 90.5311 shares of common shares per $1,000 principal amount of the notes, representing an increase of 1.8521 shares per $1,000 principal amount of notes.

The new conversion price is $11.05 per share. The company’s stock close at $6.01 (NYSE: STNG) on Thursday.

The company adjusted the conversion ratio due to the payment of cash dividend of $0.125 per common share on March 30 to all shareholders as of March 10.

Monaco-based Scorpio is an oil tanker business.

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