Scorpio Tankers Inc. intends to offer and sell 20,000,000 shares of its common stock in an underwritten public offering, the company announced yesterday.
The net proceeds of this offering are expected to be used for product tanker vessel and LPG carrier acquisitions, working capital and other general corporate purposes.
UBS Securities LLC is acting as sole book-running manager in the offering, RS Platou Markets AS is acting as Joint Lead Manager and Global Hunter Securities, LLC is acting as Co-Manager.
The Company also intends to grant the underwriters a 30-day option to purchase additional shares of common stock representing 15% of the offered shares.
The Company’s common stock trades on the New York Stock Exchange under the symbol “STNG.”
[mappress] Press release, July 31, 2013