Scorpio Tankers slides on planned $300 mln convertible bond sale

Scorpio Tankers STNG.N shares down 4.5% post-market at $71 as it seeks capital raise

Petroleum products shipper announces private offering of $300 mln 5-yr convertible bonds (CBs)

Co intends to use net offering proceeds for general corp purposes, and a portion to repurchase its shares to facilitate hedging by investors in the CBs

STNG shares ended down 2.8% at $74.36 on Tues, trimming YTD gain to 46%

Co has roughly $4 bln market cap

Of 10 analysts covering the stock, 8 rate "strong buy" or "buy", 1 "hold" and 1 "sell"; median PT $84, according to LSEG data