Stock Alert: Scorpio Tankers Up 5% After Announcing Securities Buyback

(RTTNews) - Shares of Scorpio Tankers Inc. (STNG) are rising more than 5 percent or $0.59 in Tuesday's morning trade at $12.09 after the company announced a $250 million securities repurchase program.

Tuesday,.Scorpio Tankers said its board of directors authorized a new securities repurchase program to purchase up to $250 million of its securities which, in addition to its common shares, currently consist of its convertible notes due 2022 and senior unsecured notes due 2025.

Between July 1, 2020 and today, Scorpio Tankers repurchased $52.3 million face value of its convertible notes due 2022 at an average price of $894.12 per $1,000 principal amount, or $46.7 million. The current outstanding face value of the convertible notes due 2022 is $151.2 million.

So far in September 2020, Scorpio Tankers has acquired a total of 1.17 million of its common shares at an average price of $11.18 per share, for a total of $13.1 million. The repurchased shares are being held as treasury shares.

Scorpio Tankers has traded in a range of $10.82 to $40.45 in the past 52 weeks.