Scorpio Tankers Inc. (NYSE: STNG) (“Scorpio Tankers,” or the “Company”) announced that it has closed the previously announced acquisition of the Trafigura Maritime Logistics Pte. Ltd. (“Trafigura”) subsidiaries, which have leasehold interests in 19 product tankers (the “Vessels”), for an aggregate value of $803 million.
The acquisition of the leasehold interests in the Vessels included a finance lease arrangement with a financial institution under a bareboat contract arrangement. The aggregate value of the Vessels is $803.0 million, and after the assumption of the present value of the finance lease arrangement of approximately $670 million, the Company issued approximately 4.6 million shares at $29.00 per share to Trafigura for an aggregate market value of $132.6 million. The above-mentioned shares are subject to a customary lock-up through December 31, 2019.
The Company also announced today that it has closed on the private placements with Trafigura for $35 million and Scorpio Services Holding Ltd., a related party, for $15 million, for an aggregate of $50 million or approximately 1.7 million shares at $29.00 per share.
As of today, Scorpio Tankers has 58,142,400 common shares issued and outstanding.
The acquisition consists of leasehold interests in four LR2s and 15 MRs for a total of 19 product tankers. Fifteen of the vessels are currently on the water with an average age of 0.5 years, and the remaining four MR vessels will be delivered in 2020. All Vessels have exhaust gas cleaning systems, commonly known as scrubbers. The commercial and technical managements of the Vessels are being transitioned to Scorpio Tankers and all of the delivered Vessels will be in the Scorpio MR Pool or the Scorpio LR2 Pool during the fourth quarter of 2019.