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Tsakos Energy Navigation Ltd | 8.875% Series C Cumulative Redeemable Perpetual (TNP.PRC)

Prospectus excerpt:  We are offering 2,000,000 of our 8.875% Cumulative Redeemable Perpetual Series C Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (the “Series C Preferred Shares”).

Dividends on the Series C Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing January 30, 2014, when, as and if declared by our board of directors. Dividends will be payable out of amounts legally available therefore at an initial rate equal to 8.875% per annum of the stated liquidation preference, subject to adjustment as described in this prospectus supplement.

At any time on or after October 30, 2018, the Series C Preferred Shares may be redeemed, in whole or in part, out of amounts legally available therefore, at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. If (i) we fail to comply with certain covenants (a “Covenant Default”), (ii) we experience certain defaults under any of our credit facilities (a “Cross Default”), (iii) four quarterly dividends payable on the Series C Preferred Shares are in arrears (a “Dividend Payment Default”) or (iv) the Series C Preferred Shares are not redeemed in whole by October 30, 2020 (a “Failure to Redeem”), the dividend rate payable on the Series C Preferred Shares shall increase, subject to an aggregate maximum rate per annum of 25% prior to October 30, 2018 and 30% thereafter, to a rate that is 1.25 times the dividend rate payable on the Series C Preferred Shares as of the close of business on the day immediately preceding the Covenant Default, Cross Default, Divided Payment Default or Failure to Redeem, as applicable, and on each subsequent Dividend Payment Date, the dividend rate payable shall increase to a rate that is 1.25 times the dividend rate payable on the Series C Preferred Shares as in effect as of the close of business on the day immediately preceding such Dividend Payment Date, until the Covenant Default, Cross Default or Dividend Payment Default is cured or the Series C Preferred Shares are no longer outstanding. Please read “Description of Series C Preferred Shares—Dividends—Dividend Payment Dates—Increase in Base Dividend Rate Following a Covenant Default, Cross Default, Dividend Payment Default or Failure to Redeem.”

Full Prospectus PDF », TNP Page »

Series:C
Alternate symbology:TNP-C, TNP-PC, TNPprC
Redeemable?:Yes
Call Date:10/30/2018 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:2,000,000
Overallotment:300,000
Liquidation Preference:$25
Recent Market Price:$25.43
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.43 (1.72%)
Annualized Dividend:2.2188
Recent Ex-Date:4/24/2019
Current Yield:8.72%
Original Coupon:8.88%
Pay Period:Quarterly
Pay Dates:30-Jan, 30-Apr, 30-Jul, 30-Oct
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


Open the TNP Information Page »
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:  $3,280,181
Total Market Capitalization:  $276,000,000
% of Market Cap. Held by ETFs:  1.19%

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