Scorpio Tankers plans to offer senior unsecured notes due 2019 in an underwritten public offering. The proceeds will be used to buy back 7.5% senior unsecured notes due in October 2017.
The Emanuele Lauro-led company reported $51.7m in senior unsecured notes due this year, with estimated interest payments of some $7.5m.
Scorpio said any remaining net proceeds are expected to be used for general corporate purposes and working capital. It plans to list the new notes on the New York Stock Exchange under the symbol SBBC.
Public 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.
Stifel and Janney Montgomery Scott will act as joint book-running managers for the offering. Ladenburg Thalmann and Wunderlich will act as co-managers for the new notes offering.
