Scorpio Tankers (Buy, TP: USD4.00) - Extending USD175m maturities
Scorpio Tankers has secured an agreement to extend roughly half its convertible senior notes due 2019 until 2022, effectively addressing previous liquidity concerns in combination with the USD334m liquidity boost from new financing initiatives in April. We upgraded the stock in April based on management tackling liquidity issues, and this second step of the process solidifies our investment case in our view.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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