Scorpio Tankers Announces Direct Placement For Minimum Of 3.5 Mln Shares

RELATED NEWS

Scorpio Tankers Turns To Profit In Q1

Scorpio Tankers Q1 13 Earnings Conference Call At 11:00 AM ET

Scorpio Tankers Prices 29.01 Mln Shares Offering At $8.10/shr - Quick Facts

Scorpio Tankers Q4 12 Earnings Conference Call At 11:00 AM ET

Trade STNG now with

4/12/2012 6:06 PM ET

Scorpio Tankers Inc. (STNG: Quote) said Thursday that it is offering a minimum of 3.5 million shares of its common stock in a registered direct placement at a price of $6.75 per share.

Evercore Group L.L.C. and RS Platou Markets AS are acting as placement agents.

The net proceeds of the offering are expected to be used to partially repay outstanding indebtedness under the company's 2010 revolving credit facility and for general corporate purposes, including vessel acquisitions and working capital.

The company plans to re-draw all or a portion of the amount available under the 2010 revolving credit facility for working capital and general corporate purposes and to fund future vessel acquisitions.

Click here to receive FREE breaking news email alerts for Scorpio Tankers Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 125 Articles

Editors Pick

Gap Profit Climbs 43%

Gap Inc. Thursday after the markets closed that its first quarter profit rose 43% from last year, helped by higher sales and improved margins. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company eaffirmed its fiscal year 2013 earnings outlook, which is below analysts' current consensus estimate.

Stocks Close Modestly Lower But Well Off Worst Levels - U.S. Commentary

After moving sharply lower at the start of trading on Thursday, stocks showed a substantial recovery attempt over the course of the trading day. The rebound came as upbeat housing data helped offset worries about the Federal Reserve. The major averages climbed well off their worst levels of the day but still ended the session in the red.

Obama Outlines Counterterrorism Policy To Confront Shifting Threats

President Barack Obama delivered a highly-anticipated speech on his administration's evolving counterterrorism policies on Thursday, suggesting that the U.S. needs to move away from a "boundless global war on terror." More than a decade after the 9/11 attacks, Obama argued that the terrorist threat has shifted and evolved.