Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the
“Company”) announced today that it has priced its previously
announced underwritten public offering (the “Offering”) of
30,000,000 shares of common stock, par value $0.01 per share
(“Common Shares”), at $3.00 per share. Scorpio Services Holding
Limited has agreed to purchase an aggregate of 6,666,700 Common
Shares at the public offering price. The Offering is expected to
close on December 1, 2017, subject to customary closing conditions.
The net proceeds of the Offering are expected to
be used to strengthen the Company’s balance sheet and for general
corporate purposes.
The Company has granted the underwriters a
30-day option to purchase up to an additional 4,500,000 Common
Shares.
Clarksons Platou Securities, Inc. is acting as
lead underwriter and bookrunner in the Offering. BTIG, LLC and
Pareto Securities AS are acting as joint lead managers and
bookrunners in the Offering. Seaport Global Securities, Fearnley
Securities Inc., ABN AMRO Securities (USA) LLC, Skandinaviska
Enskilda Banken AB (publ), BNP Paribas Securities Corp. and ING
Financial Markets LLC are acting as co-managers in the
Offering.
The Company’s Common Shares trade on the New
York Stock Exchange under the symbol “STNG.”
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities, in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction. The
Offering is being made only by means of a prospectus supplement and
accompanying base prospectus. A registration statement relating to
these securities was filed with the U.S. Securities and Exchange
Commission (the “SEC”) and is effective. A final prospectus
supplement related to the Offering will be filed with the SEC and
will be available on the SEC’s website located at www.sec.gov.
When available, copies of the prospectus supplement and the
accompanying base prospectus relating to the Offering may be
obtained from Clarksons Platou Securities, Inc., 280 Park Avenue,
21st Floor, New York, NY 10017, (or by phone at (212) 317-7080, or
by e-mail at prospectuses@clarksons.com).
About Scorpio Tankers Inc.
Scorpio Tankers is a provider of marine
transportation of petroleum products worldwide. The Company
currently owns or finance leases 107 product tankers (38 LR2
tankers, 12 LR1 tankers, 43 MR tankers and 14 Handymax tankers)
with an average age of 2.3 years and time or bareboat charters-in
19 product tankers (one LR2 tanker, nine MR tankers and nine
Handymax tankers). The Company also has contracted for two
newbuilding MR product tankers, one of which is expected to be
delivered before the end of 2017 and the other in the first quarter
of 2018. Additional information about the Company is available at
the Company’s website www.scorpiotankers.com, which is not a part
of this press release.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. Scorpio Tankers desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “expect,” “anticipate,” “estimate,” “intend,”
“plan,” “target,” “project,” “likely,” “may,” “will,” “would,”
“could” and similar expressions identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in the Company’s records and other data
available from third parties. Although management believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond the Company’s control, there can be no assurance that
Scorpio Tankers will achieve or accomplish these expectations,
beliefs or projections. The Company undertakes no obligation, and
specifically declines any obligation, except as required by law, to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include, unforeseen liabilities, future
capital expenditures, revenues, expenses, earnings, synergies,
economic performance, indebtedness, financial condition, losses,
future prospects, business and management strategies for the
management, expansion and growth of the Company’s operations, risks
relating to the integration of the operations of Navig8 Product
Tankers Inc. (“NPTI”) and the possibility that the anticipated
synergies and other benefits of the acquisition of NPTI will not be
realized or will not be realized within the expected timeframe, the
outcome of any legal proceedings related to the merger with NPTI
and the related transactions, the failure of counterparties to
fully perform their contracts with the Company, the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand for tanker vessel capacity, changes in the Company’s
operating expenses, including bunker prices, drydocking and
insurance costs, the market for the Company’s vessels, availability
of financing and refinancing, charter counterparty performance,
ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires, and other factors. Please
see Scorpio Tankers’ filings with the SEC for a more complete
discussion of certain of these and other risks and
uncertainties.
Contact Information
Scorpio Tankers Inc.(212) 542-1616
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