Tsakos Energy Prices New Share Offering
Tanker operator Tsakos Energy Navigation (TEN) is looking to raise over USD 155 million as it announced the pricing of its public offering.
TEN will issue 5.4 million Series F preferred shares at a price to the public of USD 25 per share.
In connection with the offering, the company has granted the underwriters a 30-day option to purchase 810,000 additional shares, which, if exercised in full, would result in total gross proceeds of USD 155.25 million.
The company informed that it intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions and/or strategic investments and preferred share redemptions.
Dividends will be payable on the shares to July 30, 2028 at a fixed rate equal to 9.50% per annum and from July 30, 2028, if not redeemed, at a floating rate.
Following the offering, TEN intends to file an application to list the shares on the New York Stock Exchange.
The offering is expected to close on or about June 28, 2018.