|By Marketwired .||
|January 30, 2014 04:15 PM EST|
ATHENS, GREECE -- (Marketwired) -- 01/30/14 -- Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading product, crude and LNG tanker operator, announced today that it plans to offer its common shares in a public offering. Entities affiliated with the Tsakos Holdings Foundation, which is the Company's largest shareholder, have indicated their intention to purchase 500,000 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 15% of the number of common shares sold in the offering.
The Company plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, 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") and is available at the SEC's website at http://www.sec.gov. When available, the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, email: [email protected], UBS Investment Bank, 299 Park Avenue, New York, NY 10171, Attn: Prospectus Department, telephone: 888-827-7275 or Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152, Attn: Equity Syndicate Department, telephone: 800-326-5897, email: [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Tsakos Energy Navigation Ltd.
To date, TEN's fleet, including the LNG carrier Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company also holds an option for a 174,000 cbm tri-fuel LNG carrier to be exercised no later than January 31, 2014.
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.