Scorpio on a Roll – Enters into a New Credit Facility, Files Shelf, Orders Ships and Executes Follow-on

Earlier this month, we reported on Scorpio Tankers Inc.’s new $150 million credit facility and filing of a shelf registration to issue up to $500 million of securities. Last week, they put these to good use. With sole bookrunner Morgan Stanley and co-managers, Dahlman Rose, Evercore and Fearnley Fonds, the company sold 6 million shares in a successful follow-on offering, which was upsized from the originally intended 5.5 million shares due to strong demand. The shares were priced at $10.50, a discount of 6.67% from the closing price prior to the announcement. The shares closed the next day at $10.75 with 1.065 million shares traded versus average volume of 88.8 thousand shares. Subsequently, the underwriters exercised their over-allotment option to purchase an additional 900 thousand shares, bringing total net proceeds to approximately $68.4 million

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