Scorpio Tankers announced today that it plans to offer senior unsecured notes due 2019 in a registered underwritten public offering and simultaneously commence a cash tender offer for the Company’s outstanding 7.50% senior unsecured notes due in October 2017.
New Notes Offering
The Company intends to use the net proceeds from the New Notes Offering to fund the Tender Offer for the Existing Notes and to repay any Existing Notes not repurchased in the Tender Offer. Any remaining net proceeds are expected to be used for general corporate purposes and working capital.
In connection with the New Notes Offering, the Company has submitted an application to list the New Notes on the New York Stock Exchange (the “NYSE”) under the symbol “SBBC.” If approved for listing, trading on the NYSE is expected to commence within 30 days after the New Notes are first issued. The New Notes will be issued in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof.
Stifel and Janney Montgomery Scott will act as joint book-running managers for the New Notes Offering. Ladenburg Thalmann and Wunderlich will act as co-managers for the New Notes Offering.