TEN Ltd. Announces Pricing of its Public Offering of its Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares
TEN Ltd., a leading diversified crude, product and LNG tanker operator, yesterday announced the pricing of its public offering of its Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (“Series F Preferred Shares”). TEN will issue 5,400,000 Series F Preferred Shares at a price to the public of $25.00 per share. Dividends will be payable on the Series F Preferred Shares to July 30, 2028 at a fixed rate equal to 9.50% per annum and from July 30, 2028, if not redeemed, at a floating rate. In connection with the offering, TEN has granted the underwriters a 30-day option to purchase 810,000 additional Series F Preferred Shares, which, if exercised in full, would result in total gross proceeds of $155,250,000.
TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions and/or strategic investments and preferred share redemptions. Following the offering, TEN intends to file an application to list the Series F Preferred Shares on the New York Stock Exchange.
The offering is expected to close on or about June 28, 2018.
Morgan Stanley, UBS Investment Bank, J.P. Morgan, Citigroup and Credit Suisse are acting as joint bookrunners for the offering. Berenberg Capital Markets LLC, Brock Securities and BNP Paribas are acting as co-managers for the offering.
Source: Tsakos Energy Navigation