Scorpio Tankers Raising Fresh Funds via Share Offering

Monaco-based tanker owner Scorpio Tankers has priced its previously announced underwritten public offering of over 162.1 million common shares.

As part of this offering, priced at USD 1.85 per share, Scorpio Bulkers and Scorpio Services Holding Limited, each a related party and members of the Scorpio group of companies, have agreed to purchase common shares at the public offering price 54 million (USD 100 million) and 5.4 million common shares (USD 10 million), respectively.

The company informed that the offering is expected to close on October 12, 2018, subject to customary closing conditions. Up to USD 300 million of net proceeds would be used for general corporate purposes.

Additionally, Scorpio Tankers intends to grant the underwriters a 30-day option to purchase up to an additional 24.3 million common shares.