By Wendy Van Sickle
Columbus, Ohio, March 28 – Scorpio Tankers Inc. priced $50 million of $25-par senior notes due June 1, 2019 with an 8.25% coupon, according to a press release.
The deal came in line with price talk of 8.25%.
Stifel Nicolaus & Co. Inc. and Janney Montgomery Scott LLC are the joint bookrunners.
The offering has a $7.5 million over-allotment option.
Interest will be payable on a quarterly basis. The notes become redeemable on or after Dec. 1, 2018 at par plus accrued interest. The notes are also redeemable in whole upon a tax event.
The company has applied to list the new securities on the New York Stock Exchange under the ticker symbol “SBBC.”
The New York-based seaborne oil transporter intends to use the proceeds to fund a portion of a tender offer for the 7.5% $25-par notes coming due in October and to repay any notes not tendered.
| Issuer: | Scorpio Tankers Inc.
|
| Issue: | Senior notes
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Maturity: | June 1, 2019
|
| Bookrunners: | Stifel, Nicolaus & Co. Inc. and Janney Montgomery Scott LLC
|
| Co-managers: | Ladenburg Thalmann & Co. Inc., Wunderlich Securities Inc. and Drexel Hamilton
|
| Coupon: | 8.25%
|
| Price: | Par of $25.00
|
| Yield: | 8.25%
|
| Call: | On or after Dec. 1, 2018 at par plus accrued interest, also redeemable upon a tax event
|
| Trade date: | March 28
|
| Settlement date: | March 31
|
| Price talk: | 8.25%
|
| Listing: | NYSE: SBBC (expected)
|
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