New York-listed Scorpio Tankers has succeeded in a bid to force a conversion of a bond issue into stock.

The Emanuele Lauro-led product tanker giant said all holders of the company’s convertible issue due in 2025 agreed to swap their notes for 5.76m new shares.

The company’s outstanding debt has been reduced by $205m as a result. This was the “accreted principal” on the outstanding bonds, the owner said.