NEW YORK (TheStreet) -- Scorpio Tankers (STNG) rose Wednesday after the company priced its upsized offering of $300 million in aggregate principal amount of its 2.375% convertible senior notes due in 2019.
The company increased the offer from $250 million. The notes will bear interest at a rate of 2.375% per year. The initial conversion rate for each $1,000 aggregate principal amount of notes is 82.0075 shares of common stock, which works out to a conversion price of approximately $12.19 a share.
The stock was up 0.91% to $9.47 at 10:19 a.m.
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Separately, TheStreet Ratings team rates SCORPIO TANKERS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCORPIO TANKERS INC (STNG) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company shows low profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: