Scorpio Tankers Inc. Announces Fixed Income Investor Meetings
Scorpio Tankers (NYSE: STNG) has announced plans to conduct fixed income investor calls starting January 13, 2025, potentially leading to a five-year USD denominated senior unsecured bond issue. The company aims to use the proceeds to refinance its existing 7.0% senior unsecured notes due June 30, 2025, which have an outstanding balance of USD 70.6 million, and for general corporate purposes.
The potential new bonds would be offered exclusively to qualified institutional buyers in the United States under Rule 144A of the Securities Act of 1933. The bonds will not be registered under the Securities Act or state securities laws and cannot be sold in the US without registration or applicable exemption.
Scorpio Tankers (NYSE: STNG) ha annunciato piani per condurre incontri con investitori in titoli a reddito fisso a partire dal 13 gennaio 2025, che potrebbero portare a un'emissione di obbligazioni non garantite senior in USD della durata di cinque anni. L'azienda intende utilizzare il ricavato per rifinanziare i propri titoli non garantiti senior al 7,0% in scadenza il 30 giugno 2025, che presentano un saldo residuo di 70,6 milioni di USD, e per scopi aziendali generali.
Le potenziali nuove obbligazioni saranno offerte esclusivamente a investitori istituzionali qualificati negli Stati Uniti ai sensi della Regola 144A del Securities Act del 1933. Le obbligazioni non saranno registrate ai sensi del Securities Act o delle leggi sulle valori mobiliari statali e non possono essere vendute negli Stati Uniti senza registrazione o esenzione applicabile.
Scorpio Tankers (NYSE: STNG) ha anunciado planes para llevar a cabo llamadas a inversores en renta fija a partir del 13 de enero de 2025, lo que podría llevar a una emisión de bonos senior no garantizados denominados en USD a cinco años. La compañía tiene como objetivo utilizar las ganancias para refinanciar sus bonos senior no garantizados al 7.0% que vencen el 30 de junio de 2025, los cuales tienen un saldo pendiente de 70.6 millones de USD, y para fines corporativos generales.
Los nuevos bonos potenciales se ofrecerán exclusivamente a compradores institucionales calificados en los Estados Unidos bajo la Regla 144A del Securities Act de 1933. Los bonos no estarán registrados bajo el Securities Act ni bajo las leyes estatales de valores y no pueden ser vendidos en EE.UU. sin registro o exención aplicable.
스콜피오 탱커스 (NYSE: STNG)는 2025년 1월 13일부터 시작되는 고정 수입 투자자 전화를 진행할 계획을 발표했으며, 이는 5년 만기 미화로 표시된 고위험 무담보 채권 발행으로 이어질 수 있습니다. 회사는 7.0% 무담보 메모를 2025년 6월 30일에 만기되는 기존 채무를 재융자하기 위해 수익을 사용할 계획으로, 이들 채무의 미지급 잔액은 7060만 달러입니다. 또한 일반 기업 목적을 위해 사용될 예정입니다.
잠재적인 신규 채권은 1933년 증권법의 144A 조항에 따라 미국 내 자격을 갖춘 기관 투자자에게만 독점적으로 제공될 것입니다. 이 채권은 증권법 또는 주 증권법 하에서 등록되지 않으며, 등록이나 적용 가능한 면제 없이 미국에서 판매될 수 없습니다.
Scorpio Tankers (NYSE: STNG) a annoncé des plans pour mener des appels auprès d'investisseurs en titres à revenu fixe à partir du 13 janvier 2025, ce qui pourrait aboutir à une émission d'obligations senior non sécurisées en USD d'une durée de cinq ans. La société a l'intention d'utiliser le produit pour refinancer ses notes senior non sécurisées à 7,0% arrivant à échéance le 30 juin 2025, qui ont un solde impayé de 70,6 millions USD, et à des fins d'entreprise générale.
Les nouvelles obligations potentielles seront proposées exclusivement à des acheteurs institutionnels qualifiés aux États-Unis en vertu de la règle 144A du Securities Act de 1933. Les obligations ne seront pas enregistrées en vertu du Securities Act ou des lois sur les valeurs mobilières des États et ne peuvent pas être vendues aux États-Unis sans enregistrement ou exemption applicable.
Scorpio Tankers (NYSE: STNG) hat Pläne angekündigt, ab dem 13. Januar 2025 Gespräche mit Investoren über Anleihen zu führen, was möglicherweise zu einer fünfjährigen, nicht gesicherten Senior-Anleihenemission in USD führen könnte. Das Unternehmen beabsichtigt, die Einnahmen zur Refinanzierung seiner bestehenden 7,0% Senior-Anleihen, die am 30. Juni 2025 fällig werden und ein ausstehendes Guthaben von 70,6 Millionen USD haben, sowie für allgemeine Unternehmenszwecke zu verwenden.
Die potenziellen neuen Anleihen werden ausschließlich qualifizierten institutionellen Käufern in den Vereinigten Staaten gemäß Regel 144A des Securities Act von 1933 angeboten. Die Anleihen werden nicht gemäß dem Securities Act oder den staatlichen Wertpapiergesetzen registriert und dürfen in den USA ohne Registrierung oder anwendbare Ausnahmen nicht verkauft werden.
- Potential refinancing of existing debt could improve capital structure
- Company showing proactive approach to debt management ahead of June 2025 maturity
- Current notes carry 7.0% interest rate, new rates could be higher in current market conditions
- Additional debt issuance may increase company's leverage
Insights
This refinancing initiative by Scorpio Tankers represents a strategic move to potentially lower their cost of capital in the current interest rate environment. The existing
The choice of targeting qualified institutional buyers through Rule 144A suggests a sophisticated approach to debt markets, enabling faster execution compared to registered offerings. Looking at the company's strong market position in the product tanker segment and current market cap of
The timing of this potential bond issuance is particularly strategic from a market perspective. With shipping rates maintaining strength and the product tanker market showing resilience, Scorpio Tankers is approaching the debt markets from a position of strength. The company's focus on product tankers has proven advantageous in the current global trade environment, especially with ongoing geopolitical tensions affecting shipping routes.
For investors, this refinancing effort signals proactive liability management and could potentially result in reduced interest expenses, depending on the new bond's pricing. The five-year tenor provides medium-term visibility on the company's debt structure. The Norwegian bank involvement is noteworthy, as Scandinavian markets have historically been supportive of shipping companies, potentially leading to more favorable terms for the issuer.
MONACO, Jan. 12, 2025 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) (“Scorpio Tankers” or the “Company”) through its Norwegian investment banks, will arrange a series of fixed income investor calls commencing on January 13, 2025. A five-year USD denominated senior unsecured bond issue may follow, subject to inter alia market conditions.
The net proceeds from the contemplated bond issue are intended to be used for the refinancing of the Company’s existing
The senior unsecured bonds, if issued, will be offered in the United States or its territories only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “U.S. Securities Act”). The bonds, if issued, will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Scorpio Tankers Inc., nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful, and is being issued in the United States pursuant to and in accordance with Rule 135c under the Securities Act.
For further information, please contact:
James Doyle – Head of Corporate Development & Investor Relations
Tel: +1 203-900-0559
Email: investor.relations@scorpiotankers.com
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns or lease finances 99 product tankers (39 LR2 tankers, 46 MR tankers and 14 Handymax tankers) with an average age of 8.8 years. 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. The Company 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 the Company 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 in response to epidemic and other public health concerns including any effect on demand for petroleum products and the transportation thereof, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, 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, including the impact of the conflict in Ukraine and the developments in the Middle East, including the armed conflict in Israel and Gaza, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off‐hires, and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties.
FAQ
What is the purpose of Scorpio Tankers' (STNG) planned bond issue in 2025?
When will STNG's fixed income investor calls begin?
How much is STNG's existing debt that needs refinancing?
Who can invest in STNG's new bond issue?
What is the term of STNG's proposed new bond issue?
