Tsakos Energy Navigation Limited (“TEN”) (NYSE: TNP), a leading crude and product tanker and LNG carrier operator, closed its public offering of 8.75% Series D Cumulative Redeemable Perpetual Preferred Shares, which had been upsized to $85 million, at a price to public of $25.00 per share, the Company said in a press release. TEN has granted the underwriters a 30-day option to purchase additional Series D Preferred Shares to cover over-allotments.
TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments and repurchases of its common shares and preferred shares. The Series D Preferred Shares have been approved for listing on the New York Stock Exchange.
Morgan Stanley & Co. LLC and UBS Securities LLC acted as joint bookrunners for the offering. Evercore Group L.L.C., Seaport Global Securities LLC, Brock Securities LLC and Axia Capital Markets, LLC acted as co-managers for the offering.
The offering was made only by means of a prospectus supplement and accompanying base prospectus.
To date, TEN's fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers all under construction, consists of 63 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.52 million dwt. Of these, 44 vessels trade in crude, 14 in products, three are shuttle tankers and two LNG carriers. In addition, TEN has an option to construct another Suezmax DP2 shuttle tanker. The average age of its operational fleet is 7.7 years.