Scorpio Tankers to Launch 15mln Public Share Offering
By Aiswarya Lakshmi
Thursday, April 30, 2015
Scorpio Tankers has announced a public offering of 15 million common shares, with an underwriter’s option to purchase up to an additional 2.25 million units.
New York Stock Exchange-listed Scorpio says it plans to use the proceeds to fund part of the acquisition costs of additional modern product tankers, which may include three LR2 product tankers it has options to purchase from an unaffiliated third party.
Any net proceeds of the Offering not used for vessel acquisitions are expected to be used for general corporate purposes.
UBS Securities is acting as sole book-running manager in the offering, and Clarksons Platou Securities is acting as joint lead manager.
Headquartered in Monaco, Scorpio Tankers is a provider of marine transportation of petroleum products worldwide.
The Company currently owns 67 tankers (12 LR2 tankers, 15 Handymax tankers, and 40 MR tankers) with an average age of 0.9 years, time charters-in 21 product tankers (five LR2, five LR1, four MR and seven Handymax tankers), and has contracted for 11 new building product tankers (five MR and six LR2), seven of which are expected to be delivered in the second quarter of 2015 and the remaining four vessels in 2016.