Tsakos Energy Navigation Secures Cash for Its Newbuildings

Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, has closed its successful public offering of 11,000,000 common shares at a price of $7.30 per share.

The underwriters also have a 30-day option to purchase up to an additional 1,650,000 common shares. The gross proceeds of the offering are $80.3 million.

The company plans to use the net proceeds 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 partner ship with a well-known oil major, and for general corporate purposes.

Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. Clarkson Capital Markets LLC, DVB Capital Markets LLC and Brock Securities LLC acted as co-managers for the offering.

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TEN, May 2, 2014