MONACO, Jan. 04, 2023 (GLOBE NEWSWIRE) — Scorpio Tankers Inc. STNG (“Scorpio Tankers” or the “Company”) announced today that (i) it has acquired its common stock on the open market, (ii) the Company’s President, Robert Bugbee, has acquired call options on the Company’s common stock, ( iii) it has received a commitment to a new credit facility; and (iv) the company will attend at least six investor events in the first quarter of 2023.

Purchase of Common Stock

The Company recently purchased 415,062 of its common shares on the open market at an average price of $51.35 per share as part of the Company’s stock repurchase program.

Purchase of call options by the company’s president

The Company’s President, Robert Bugbee, has purchased call options on 400,000 common shares (or 4,000 call option contracts) of the Company with an exercise price of $40.00 for aggregate consideration of $4,408,000. The call option contracts have a term until April 2023.

New credit facility

The company has secured a credit facility of up to US$225.0 million from a group of European financial institutions. The credit facility will be used to finance 11 MR product tankers and two LR2 product tankers. The credit facility has a final maturity of five years from the signing date and bears interest at SOFR plus an annual margin of 1.975%.

The terms of business, including financial arrangements, are similar to those set forth in the Company’s existing credit facilities. The credit facility is subject to customary conditions precedent and signature of final documentation and is expected to close in Q1 2023.

The proceeds from this new facility will be used to repay more expensive lease financing.

investor events

On January 11, 2023, the Company will provide an update on daily TCE sales for the fourth quarter of 2022 and the first quarter of 2023.

The company will participate in the following investor events:

• On…