|By Marketwired .||
|September 26, 2013 07:12 PM EDT||
ATHENS, GREECE -- (Marketwired) -- 09/26/13 -- Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced the pricing of its $50 million offering of 8 7/8% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25.00 per share.
The Company has also granted the underwriters a 30-day option to purchase up to $7.5 million of additional Series C Preferred Shares.
TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. TEN intends to list the Series C Preferred Shares on the New York Stock Exchange.
UBS Investment Bank and Morgan Stanley acted as joint bookrunners for the offering. Jefferies acted as lead manager for the offering. Incapital and DNB Markets acted as co-managers for the offering.
When available, copies of the prospectus supplement and the accompanying base prospectus related to the offering may be obtained from UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, New York, 10171, telephone: 877-827-6444, ext. 561-3884, and Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, telephone: 1-866-718-1649, email: firstname.lastname@example.org.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus supplement and accompanying base prospectus.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including an LNG carrier under construction, consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 4.9 million dwt. Of these, 28 are product carriers ranging from shuttle suezmaxes to handysize, 19 are crude tankers ranging from VLCCs to aframaxes, and two are LNG carriers.
ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.