Tsakos Raises Cash for Its New Vessels
- Business & Finance
Tsakos Energy Navigation Ltd. (TEN), a Greece-based crude, product and LNG tanker operator, said on Thursday that its public offering of 11,000,000 common shares was priced at $7.30 per share.
Entities affiliated with the Tsakos Holdings Foundation, which is the company’s largest shareholder, have agreed to purchase 500,000 common shares in the offering. The gross proceeds from the offering are expected to be approximately $80.3 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 1,650,000 common shares.
The company plans to use the net proceeds of the offering to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partnership with a well- known oil major, 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. Clarkson Capital Markets LLC, DVB Capital Markets LLC and Brock Securities LLC are acting as co-managers for the offering. The offering was made under an effective shelf registration statement.
The offering is expected to close on or about April 29, 2014.
TEN, April 25, 2014