Scorpio Tankers Inc. (NYSE: STNG) priced a private offering of $200 million in additional 1.75% convertible senior notes due 2031, the company announced May 7. The offering size was increased from the initially announced $150 million.

The notes priced at 110.25% of par, plus accrued interest of approximately $1.56 per $1,000 principal amount. The offering generated gross proceeds of $220.5 million before any exercise of the initial purchaser's option to purchase additional notes.

The new notes will be issued under the same indenture as the company's existing $375 million of 1.75% convertible senior notes issued April 10, 2026, forming part of the same series. The combined yield to maturity for the aggregate series is approximately 1.0%.

Concurrent with the offering, Scorpio Tankers agreed to repurchase 649,427 shares of its common stock from note purchasers at $84.69 per share, the last reported sale price on the New York Stock Exchange on May 7.

The notes mature April 15, 2031, and bear interest at 1.75% per annum, payable semi-annually. Prior to January 15, 2031, the notes are convertible only under certain circumstances. The initial conversion rate is 9.9615 shares per $1,000 principal amount, equivalent to a conversion price of approximately $100.39 per share.

The company estimates net proceeds of approximately $216.3 million after fees and expenses. Scorpio Tankers plans to use approximately $55 million for the concurrent stock repurchase and the remainder for general corporate purposes.

The offering is expected to close May 12, 2026, subject to customary closing conditions. The notes were offered only to qualified institutional buyers under Rule 144A.