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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Thursday, February 1, 9:13 AM

Slide #64. TEN Ltd. Preferred Stock Offering

Company: TEN Ltd. (NYSE:TNP)
Date announced: 3/29/2017
Shares Offered: 4,000,000
Date of Pricing: 3/29/2017
Price Per Share: $25.00
Preferred Stock Offering Details: TEN Ltd. ("TEN") (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced the pricing of its successful public offering of Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares ("Series E Preferred Shares"), which was upsized to $100,000,000. TEN will issue 4,000,000 Series E Preferred Shares at a price to the public of $25.00 per share. Dividends will be payable on the Series E Preferred Shares to May 28, 2027 at a fixed rate equal to 9.25% per annum and from May 28, 2027, if not redeemed, at a floating rate. In connection with the offering, TEN has granted the underwriters a 30-day option to purchase 600,000 additional Series E Preferred Shares, which, if exercised in full, would result in total gross proceeds of $115,000,000.

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


Open the TNP Page at Ru Back Packer »

Name: Tsakos Energy Navigation Ltd
Website: tenn.gr
Sector: Oil & Gas Equipment & Services
Number of ETFs Holding TNP: 5 (see which ones)
Total Market Value Held by ETFs: $7,626,142
Total Market Capitalization: $336,000,000
% of Market Cap. Held by ETFs: 2.27%

Open the TNP Page at Ru Back Packer (in a new window) »

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