Scorpio Tankers Announces Notice of Redemption of 3.00% Convertible Senior Notes Due 2025

Source: 11/11/2022, Location: Europe

Scorpio Tankers Inc. has elected to redeem all of its outstanding 3.00% Convertible Senior Notes Due 2025 (the “Notes”) pursuant to Section 16.01 of the Note Indenture dated March 25, 2021 (the “Indenture”) effective December 1, 2022 (the “Redemption Date”).

Under Section 16.01 of the indenture dated as of March 25, 2021 (the “Indenture”), if at any time the daily per share volume-weighted average price of the Company’s common stock has equaled or exceeded 125.4% of the conversion price defined in the Indenture then in effect on each of at least 20 trading days (whether or not consecutive) during 30 consecutive trading days, the company may redeem for cash all or any portion of the Notes, at the redemption price defined in the Indenture.

Following the Company’s exercise of its optional redemption right pursuant to Section 16.01 of the Indenture, holders may convert their Notes into shares of common stock of the Company at any time prior to the Redemption Date, at a conversion rate equal to 30.6184. The conversion rate is expected to be adjusted as a result of the previously announced $0.10 cash dividend per share of common stock with a record date of November 17, 2022. Assuming that all holders of the Company’s outstanding Notes elect to convert, the Company will issue approximately 5.8 million shares of common stock.

Further information regarding the Company’s optional redemption and holders right to convert their notes into shares of Common Stock is contained in the Notice of Redemption to be sent to all holders.

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