TEN Ltd. to Redeem all of its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares
Tsakos Energy Navigation Ltd., a leading diversified crude, product and LNG tanker operator, today announced that it has called for redemption all 2,000,000 of its outstanding 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (NYSE: TNP-PC) (the “Series C Preferred Shares”). The redemption of the Series C Preferred Shares will occur on October 30, 2020 (the “Redemption Date”). The redemption price will be equal to $25.00 per share.
All shares of Series C Preferred Shares are held in book-entry form through the Depository Trust Company (“DTC”). The Series C Preferred Shares will be redeemed in accordance with the applicable procedures of DTC. Payment to DTC for the shares of Series C Preferred Shares will be made by Computershare Trust Company, LLC, as redemption agent (the “Redemption Agent”). The address for the Redemption Agent is as follows:
- Computershare Inc.
- 150 Royall Street
- Canton, MA 02021
October 30, 2020 is also the final dividend payment date for the Series C Preferred Shares. The record date for that dividend is October 27, 2020. Payment of the final dividend of $0.5547 per Series C Preferred Share will be made on the redemption date of October 30, 2020. The dividend is for the period from the most recent dividend payment date on July 30, 2020 through October 29, 2020. Dividends on the Series C Preferred Shares will cease to accumulate from and after the Redemption Date.
Source: Tsakos Energy Navigation