Coming Full Circle

Having originally set its sights on raising $150 million, Scorpio Tankers Inc. subsequently raised its expectations midstream hoping to sell 14.375 million shares at $15 to generate $230 million in gross proceeds. However, when it came to pricing on Wednesday, there was both good and bad news. The good news was that, unlike Alma Maritime, the deal got done but only 12.5 million shares were sold at $13, below the expected $14 to $16 range. Net proceeds of the offering were $151.1 million, which the company intends to use to pay down debt and for vessel acquisitions.

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