Scorpio Tankers Inc. Convertible Senior Notes Offering

Scorpio Tankers Inc. announced the completion of a private offering of $375.0 million in aggregate principal amount of 1.75% Convertible Senior Notes due 2031. The offering, which included the full exercise of the option to purchase additional notes, was made pursuant to an indenture with U.S. Bank Trust Company, National Association, as trustee. These notes are senior, unsecured obligations of the company, bearing interest at 1.75% per year, payable semi-annually. The notes mature on April 15, 2031, unless earlier converted or redeemed. Holders can convert the notes under certain circumstances, with the initial conversion rate set at 9.9615 shares of common stock per $1,000 principal amount, equivalent to a conversion price of approximately $100.39 per share. The company has the option to redeem the notes starting April 20, 2029, under specific conditions, including if the stock price exceeds 130% of the conversion price for a defined period. Noteholders may require repurchase upon a "fundamental change." The indenture includes customary covenants and events of default. The company used approximately $100.0 million of the net proceeds to repurchase shares of its common stock and intends to use the remainder for general corporate purposes. The notes were offered under exemptions from registration requirements.