Scorpio Tankers Inc. (NYSE: STNG) (Scorpio Tankers) announced today that it has exercised the purchase options on five ships and that it has repurchased its common shares in the open market.
The Exercise of Purchase Options
The Company has given notice to exercise its purchase options on two 2020 built MR product tankers (STI Mighty and STI Maestro) and three 2019 built MR product tankers (STI Modest, STI Maverick and STI Millennia). The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchases, which are expected to occur in July 2023, will result in a debt reduction of $119.4 million for the Company.
Repurchase of Common Shares
Recently, the Company purchased 2,009,179 of its common shares in the open market at an average price of $47.03 per share as part of the Company’s securities repurchase program.