Following the saying ‘get it while the getting is good’ a new baby bond have been announced this morning.
Giant tanker ship owner Scorpio Tankers (STNG) has announced a new baby bond issue.
The senior unsecured note is due in 2025 and should trade under the permanent ticker of SBBA when it hits the NYSE. The issue will not trade on the OTC grey market, but those that want to buy sooner will need to call their broker with the CUSIP once it is announced.
The preliminary prospectus can be read here.
STNG has had decent earnings lately--but like all ship owners it can swing to poor earnings quickly–make sure to understand the risk with shippers.
STNG had a baby bond which matured on 5/15/2020 and thus is no longer trading.
mcg was right on this with EarlyBird chiming in.