Tsakos Energy Navigation Ltd. (TEN) plans to offer its common shares in a public offering.
The Company says it plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes.
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.
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. A preliminary prospectus has been filed with SEC and is available at http://www.sec.gov
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. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company also holds an option for a 174,000 cbm tri-fuel LNG carrier to be exercised no later than January 31, 2014.