According to the press release on Scorpio Tankers website, the company has announced that it has entered into separate, privately negotiated, agreements with certain holders to exchange approximately $62.1 million .
The New Notes
The company ensures that the new notes will be senior, unsecured obligations of the Company and will bear interest at a rate of 3.00% per year. Interest will be 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.
Freely convertible
The New Notes are freely convertible at the option of the holder at any time, for common shares of the Company.
Redemption date
In addition, the Company may redeem for cash all or any portion of the New Notes at a redemption price equal to 100% of the Accreted Principal Amount of the New Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if the VWAP of the Company’s common shares has been at least 125.3% of the Conversion Price for at least 20 trading Days during any 30 consecutive trading day period.
About Scorpio Tankers Inc.
Scorpio Tankers is a provider of marine transportation of petroleum products worldwide.
The Company’s fleet consists of 135 owned, financed leased or bareboat chartered-in product tankers (42 LR2 tankers, 12 LR1 tankers, 63 MR tankers and 18 Handymax tankers) with an average age of 5.3 years.
Conversion rate of the new notes
The conversion rate for the New Notes is initially 26.6617 common shares per $1,000 principal amount of New Notes and is subject to adjustment upon the occurrence of certain events.
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Source : Scorpio Tankers
