Scorpio Tankers slips after boosted $325 mln convertible bond sale

Scorpio Tankers

08/04/2026 12:49

** Scorpio Tankers' STNG.N shares down 2.3% in premarket trading to $72.67 after co raises more capital than targeted

** Petroleum products shipper late Tues announced pricing private offering of $325 mln 1.75% 5-yr convertible bonds (CBs)

** Offering size boosted from $300 mln; initial conversion price of $100.39 is 35% premium above stock's last sale of $74.36

** Co intends to use approx $100 mln of net offering proceeds to repurchase about 1.34 mln of its shares to facilitate hedging by investors in the CBs, and remainder for general corp purposes

** Through Tues close, STNG shares up 46% YTD giving co ~$3.8 bln market cap

** Of 10 analysts covering the stock, 8 rate "strong buy" or "buy", 1 "hold" and 1 "sell"; median PT $84, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))