New York-listed Scorpio Tankers has further reduced the principal amount of convertible notes due next year in a $15m deal with existing holders.
The move announced by Scorpio this morning extends a $188.5m refinancing announced in May that swaps the 2.375% 2019 notes for a 3% series due in 2022.
The latest expansion of the swap serves a dual purpose of accommodating existing holders who couldn’t participate in the first exchange, and enlarging the new issue above $200m, according to sources familiar with the decision.
