BUZZ-Scorpio Tankers falls on additional offering of 2031 convertible bonds

Scorpio Tankers Inc.

STNG

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** Shares of Scorpio Tankers STNG.N down 3.3% post-market to $81.89 after capital raise news

** Petroleum products shipper says it intends to offer privately $150 mln of additional 1.75% convertible bonds (CBs) due 2031

** The new CBs will be issued under same indenture as its $375 mln CBs (inclusive of $50 mln purchasers' option) issued on Apr 10

** Similar to last month's deal, STNG intends to use net offering proceeds for general purposes, and to repurchase its shares to facilitate hedging by investors in the new CBs

** STNG shares finished up 2.6% at $84.69 on Thurs, up 67% YTD

** 10 of 11 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT of $96 up from $84 a month ago, according to LSEG data

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