Tsakos Energy Navigation Limited (TEN) a product, crude and LNG tanker operator, today announced the pricing of its $50 million offering of 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25 per share.
The company has also granted the underwriters a 30-day option to purchase up to $7.5 million of additional Series C Preferred Shares.
TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. TEN intends to list the Series C Preferred Shares on the New York Stock Exchange.
UBS Investment Bank and Morgan Stanley acted as joint bookrunners for the offering. Jefferies acted as lead manager for the offering. Incapital and DNB Markets acted as co-managers for the offering.