Tsakos Energy Navigation Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, announced today that it plans to offer 11,000,000 common shares in a public offering, the Company said Wednesday in a press release.
Entities affiliated with the Tsakos Holdings Foundation, which is the Company’s largest shareholder, have indicated their intention to purchase up to 10% of the common shares sold in the offering. The Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,650,000 of the number of common shares sold in the offering.
The Company plans to use the net proceeds of the offering to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partnership with a well-known oil major, and for general corporate purposes.
Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering, which will be made under an effective shelf registration statement.
The offering is being made only by means of a prospectus supplement and accompanying base prospectus. A preliminary prospectus supplement and accompanying base prospectus relating to the offering has been filed with the Securities and Exchange Commission (“SEC”).
About Tsakos Energy Navigation Ltd.
To date, TEN's fleet, including the LNG carrier Maria Energy and nine Aframax crude oil tankers under construction, consists of 58 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.9 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, 28 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers.