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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Saturday, August 17, 1:27 PM

Slide #36. TEN Ltd. Preferred Stock Offering

Company: TEN Ltd. (NYSE:TNP)
Date announced: 6/21/2018
Shares Offered: 5,400,000
Date of Pricing: 6/21/2018
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 public offering of its Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share ("Series F Preferred Shares"). TEN will issue 5,400,000 Series F Preferred Shares at a price to the public of $25.00 per share. Dividends will be payable on the Series F Preferred 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. In connection with the offering, TEN has granted the underwriters a 30-day option to purchase 810,000 additional Series F Preferred Shares, which, if exercised in full, would result in total gross proceeds of $155,250,000.

Tsakos Energy Navigation Limited is a provider of international seaborne crude oil and petroleum product transportation services. As of Apr. 5, 2017, Co. operated a fleet of 57 modern crude oil and petroleum product tankers that provide world-wide marine transportation services for national, major and other independent oil companies and refiners under long, medium and short-term charters. Co.'s fleet fleet also includes two LNG carriers and three suezmax shuttle tankers with advanced dynamic positioning technology (DP2), bringing the total operating fleet to 62 vessels.

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


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Name:  Tsakos Energy Navigation Ltd
Website:  www.tenn.gr
Sector:  Oil & Gas Equipment & Services
Number of ETFs Holding TNP:  1 (see which ones)
Total Market Value Held by ETFs:  $2,889,439
Total Market Capitalization:  $244,000,000
% of Market Cap. Held by ETFs:  1.18%
 

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