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Tsakos Energy Navigation Ltd | 9.25% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares (TNP.PRE)
Prospectus excerpt: We are offering 4,000,000 of our Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (the ÙSeries E Preferred Sharesˆ). Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends (i) from and including the original issue date to, but excluding, May 28, 2027 at a fixed rate equal to 9.25% per annum of the stated liquidation preference and (ii) from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference. Full Prospectus PDF », Secondary Prospectus PDF », TNP Page »
Series: | E | Alternate symbology: | TNP-E, TNP-PE, TNPprE | Redeemable?: | Yes | Call Date: | 5/28/2027 | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 4,000,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $26.22 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $1.22 (4.88%) | Annualized Dividend: | 2.3125 | Recent Ex-Date: | 2/22/2024 | Current Yield: | 8.82% | Original Coupon: | 9.25% Fixed until 5/28/2027, then the dividend rate will be a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum | Pay Period: | Quarterly | Pay Dates: | 28-Feb, 28-May, 28-Aug, 28-Nov | CDx3 Compliance Rating: |
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