NET Plans Public Offering to Finance Fleet Modernization
Tsakos Energy Navigation Ltd., a leading product, crude and LNG tanker operator, announced yesterday that it plans to offer its common shares in a public offering.
Entities affiliated with the Tsakos Holdings Foundation, which is the company’s largest shareholder, have indicated their intention to purchase 500,000 of the common shares sold in the offering. The company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 15% of the number of common shares sold in the offering.
The company plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes.
Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering, which will be made under an effective shelf registration statement.
To date, TEN’s fleet, including the LNG carrier Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt.
Press Release, January 31, 2014