Scorpio Tankers Inc. Prices Reopening of 1.75% Convertible Senior Notes due 2031 and Concurrent Stock Repurchase

Scorpio Tankers Inc. (NYSE: STNG) announced on May 7, 2026, that it priced a private offering of $200 million aggregate principal amount of additional 1.75% convertible senior notes due 2031, increasing the previously announced $150 million size. The notes were priced at 110.25% of par, plus accrued interest, resulting in gross proceeds of $220.5 million before any additional purchases by the initial purchaser. The offering is expected to close on May 12, 2026, subject to customary closing conditions. The notes will be senior, unsecured obligations maturing on April 15, 2031, with a 1.75% annual interest rate payable semi-annually. They will be issued under the same indenture as the company’s existing $375 million aggregate principal amount of 1.75% convertible senior notes due 2031. Conversion into common stock is permitted under specific circumstances before January 15, 2031, and freely at the holder’s option thereafter, with an initial conversion rate of 9.9615 shares per $1,000 principal amount. Concurrently with the offering, Scorpio Tankers agreed to repurchase 649,427 shares of its common stock from note purchasers at $84.69 per share, matching the May 7 closing price on the New York Stock Exchange. The repurchase is part of privately negotiated transactions with the initial purchaser or an affiliate. The notes will trade initially under a different CUSIP number but are expected to align with the existing notes once de-legended. The company also granted the initial purchaser a 13-day option to buy an additional $30 million aggregate principal amount of notes. The offering is restricted to qualified institutional buyers under Rule 144A of the Securities Act of 1933.