Scorpio Tankers (STNG) said on Tuesday it closed its previously announced private offering of $230 million of convertible senior notes.

The company said the offering generated gross proceeds of about $253.6 million, while net proceeds totaled about $248.8 million after fees and expenses.

In connection with the offering, Scorpio Tankers repurchased 649,427 shares of its common stock at $84.69 per share, using about $55 million of the proceeds.

The company said it plans to use the remaining proceeds for general corporate purposes.