Scorpio Tankers closed a private offering of $375 million aggregate principal amount of convertible senior notes due April 15, 2031, including the full $50 million exercise of the initial purchasers’ option. The unsecured notes bear interest at 1.75% payable semi-annually and are convertible into 9.9615 shares per $1,000 principal (approximate $100.39 conversion price), representing a 35% premium over the April 7 closing stock price.

In conjunction with the notes offering, the company repurchased 1,344,809 common shares at $74.36 per share, deploying approximately $100 million of the $363.3 million net proceeds after discounts, commissions and expenses. The remaining net proceeds will fund general corporate purposes, enhancing liquidity while returning capital to shareholders.

Scorpio Tankers operates 87 product tankers with an average age of 10.1 years and has agreements to sell three MR tankers expected to close in Q2 2026. It also has four MR, four LR2 and two VLCC newbuilds under construction with deliveries scheduled through 2029, supporting future fleet renewal and expansion.