Scorpio Tankers announced an update on the repurchase of the Company’s securities and a new $250 Million Securities Repurchase Program.
Repurchase of Securities
Between July 1, 2020 and today, the Company repurchased $52.3 million face value of its Convertible Notes due 2022 at an average price of $894.12 per $1,000 principal amount, or $46.7 million. The current outstanding face value of the Convertible Notes due 2022 is $151.2 million.
So far in September 2020, the Company has acquired an aggregate of 1,170,000 of its common shares at an average price of $11.18 per share for a total of $13.1 million; the repurchased shares are being held as treasury shares.
New $250 Million Securities Repurchase Program
In September 2020, the Company’s Board of Directors authorized a new Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company’s securities which, in addition to its common shares, currently consist of its Convertible Notes due 2022 and Senior Unsecured Notes due 2025 (NYSE: SBBA). As of today, there is $250 Million available under the new $250 Million Securities Repurchase Program, and all future purchases of the Company’s securities will be made under this program.