Scorpio Tankers to Redeem $200M High-Yield Bonds, Secures Cheaper $90M Facility for New Vessels
STNG sits 78% above its 52-week low of $39.03.
Summary
Scorpio Tankers announced it will redeem $200 million of its 7.5% Senior Unsecured Notes due 2030. Simultaneously, the company secured a new $90 million credit facility at SOFR plus 1.20% to finance four new MR product tankers. This strategic move reduces the company's cost of debt by replacing higher-interest bonds with a significantly cheaper facility. The financing supports ongoing fleet modernization and expansion, following a series of recent capital market activities including convertible note offerings and asset sales. The new credit facility is expected to close in Q3 2026, with new vessel deliveries anticipated in 2026 and 2027.
At the time of this announcement, STNG was trading at $69.49 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $39.03 to $87.39. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.