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Tsakos Energy Navigation Ltd | 9.50% Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares (TNP.PRF)
Prospectus excerpt: We are offering 5,400,000 of our Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (the ́Series F Preferred Sharesî). Dividends on the Series F 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 October 30, 2018, 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, July 30, 2028 at a fixed rate equal to 9.50% per annum of the stated liquidation preference and (ii) from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus a spread of 6.54% per annum of the stated liquidation preference. At any time on or after July 30, 2028, the Series F Preferred Shares may be redeemed, in whole or in part, out of amounts available therefor, 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. Full Prospectus PDF », Secondary Prospectus PDF », TNP Page »
Series: | F | Alternate symbology: | TNP-F, TNP-PF, TNPprF | Redeemable?: | Yes | Call Date: | 7/30/2028 | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 5,400,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $26.49 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $1.49 (5.96%) | Annualized Dividend: | 2.375 | Recent Ex-Date: | 4/24/2024 | Current Yield: | 8.97% | Original Coupon: | 9.5% Fixed until 7/30/2028, then the dividend rate will be a floating rate equal to three-month LIBOR plus a spread of 6.54% per annum | Pay Period: | Quarterly | Pay Dates: | 30-Jan, 30-Apr, 30-Jul, 30-Oct | CDx3 Compliance Rating: |
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