Scorpio Tankers ups conversion rate for convertibles due 2019, 2022

By Sarah Lizee

Olympia, Wash., March 13 – Scorpio Tankers Inc. raised the conversion rate for its convertible senior notes due 2019 and its convertible senior notes due 2022, according to a 6-K filing with the Securities and Exchange Commission.

The new rate for the 2019 convertibles is 10.1110 shares per $1,000 principal amount, an increase of 0.0570 shares.

The new rate for the 2022 convertibles is 25.4799 shares per $1,000 principal amount, an increase of 0.1437 shares.

Scorpio made the change because of a cash dividend of $0.01 per common share payable on March 28 to shareholders of record as of March 13.

The new conversion rate became effective Wednesday.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.