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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 “Series E Preferred Shares”). 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 », 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
Recent Market Price:$21.51
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-3.49 (-13.96%)
Annualized Dividend:2.3125
Recent Ex-Date:5/21/2019
Current Yield:10.75%
Original Coupon:9.25%
Pay Period:Quarterly
Pay Dates:28-Feb, 28-May, 28-Aug, 28-Nov
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:  $3,280,181
Total Market Capitalization:  $276,000,000
% of Market Cap. Held by ETFs:  1.19%

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