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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Friday, September 25, 11:26 AM

Slide #163. TEN Ltd. Preferred Stock Offering

Company: TEN Ltd. (NYSE:TNP)
Date announced: 3/29/2017
Shares Offered: 4,000,000
Date of Pricing: 3/29/2017
Price Per Share: $25.00
Preferred Stock Offering Details: TEN Ltd. ("TEN") (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced the pricing of its successful public offering of Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares ("Series E Preferred Shares"), which was upsized to $100,000,000. TEN will issue 4,000,000 Series E Preferred Shares at a price to the public of $25.00 per share. Dividends will be payable on the Series E Preferred Shares to May 28, 2027 at a fixed rate equal to 9.25% per annum and from May 28, 2027, if not redeemed, at a floating rate. In connection with the offering, TEN has granted the underwriters a 30-day option to purchase 600,000 additional Series E Preferred Shares, which, if exercised in full, would result in total gross proceeds of $115,000,000.

Tsakos Energy Navigation is a holding company. Through its subsidiaries, Co. is a provider of international seaborne crude oil and petroleum product transportation services, as well as transporting liquefied natural gas. Co. operates a fleet of modern crude oil and petroleum product tankers that provide world-wide marine transportation services for national, primary and other independent oil companies and refiners under long, medium and short-term charters. Co.'s fleet also includes liquefied natural gas carriers and suezmax shuttle tankers with advanced dynamic positioning technology.

Preferreds: TNP.PRB, TNP.PRC, TNP.PRD, TNP.PRE, TNP.PRF


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Name:  Tsakos Energy Navigation Ltd
Website:  www.tenn.gr
Sector:  Air Services Other
Number of ETFs Holding TNP:  1 (see which ones)
Total Market Value Held by ETFs:  $7,552,643
Total Market Capitalization:  $143,000,000
% of Market Cap. Held by ETFs:  5.28%
 

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