Scorpio Tankers Pricing of 4.0 Million Shares of Common Stock
Scorpio Tankers Inc. (NYSE: STNG) announced today it has priced its offering of 4,000,000 shares of its common stock, par value $0.01 per share, at $6.75 per share. The offering is expected to close on April 18, 2012. Evercore Group L.L.C. and RS Platou Markets AS are acting as placement agents.
The activities of RS Platou Markets AS in the United States will be effected only to the extent permitted by Rule 15a-6 under the Securities Exchange Act of 1934, as amended. The net proceeds of the offering are expected to be used to partially repay outstanding indebtedness under the Company's 2010 Revolving Credit Facility (the "2010 Revolving Credit Facility") and for general corporate purposes, including vessel acquisitions and working capital. The Company intends to re-draw all or a portion of the amount available under the 2010 Revolving Credit Facility for working capital and general corporate purposes and to fund future vessel acquisitions.
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