Monaco - March 30, 2021
In addition, the Company has closed separate, privately negotiated, agreements with certain investors for the sale (the “Sale”) of $76.1 million in aggregate principal amount of the new 3.00% Convertible Senior Notes due 2025 (the “Purchased Notes” at 100% of par, plus accrued interest from November 15, 2020, and together with the Exchange Notes, the “New Notes”) in a private offering.
Following closing of the Exchange Offer and the Sale, there are $89.1 million in the aggregate principal amount of the Existing Notes outstanding and $138.2 million in the aggregate principal amount of the 3.00% Convertible Senior Notes due 2025 outstanding.
The New Notes are senior, unsecured obligations of the Company and bear interest at a rate of 3.00% per year. Interest is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2021. The New Notes will mature on May 15, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms.
This press release is neither an offer to sell nor a solicitation of an offer to buy the New Notes, nor shall there be any sale of the New Notes in any state or jurisdiction in which such offer, solicitation or sale is unlawful. The New Notes and the common shares issuable upon conversion of the New Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act.
About Scorpio Tankers Inc.
Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. The Company’s fleet consists of 131 owned, finance leased, or bareboat chartered-in product tankers (42 LR2 tankers, 12 LR1 tankers, 63 MR tankers and 14 Handymax tankers) with an average age of 5.2 years. Four Handymax tankers, which were on bareboat contracts, were redelivered to their owners as scheduled in March 2021. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of this press release.
Scorpio Tankers Inc. press release