STNG · Scorpio Tankers Inc.

Scorpio Tankers Inc. completed a private offering of $230 million aggregate principal amount of 1.75% convertible senior notes due 2031, which included the full exercise of the initial purchaser's option for an additional $30 million. The notes were priced at 110.25% of par, resulting in gross proceeds of approximately $253.6 million and a combined yield to maturity of about 1.0% for the aggregate series. Net proceeds after discounts and expenses were approximately $248.8 million. Concurrently, the company repurchased 649,427 shares of its common stock at $84.69 per share, using about $55 million of the net proceeds. The remaining proceeds will be used for general corporate purposes. The notes are senior unsecured obligations maturing on April 15, 2031, bearing interest at 1.75% per annum, and are convertible into common stock at an initial conversion price of approximately $100.39 per share. The company may redeem the notes on or after April 20, 2029 if certain stock price conditions are met. This capital raise and concurrent share repurchase reflect the company's strategy to manage its capital structure and return value to shareholders.