Tsakos Raises Cash for Its New Vessels

Tsakos Energy Navigation Ltd. (TEN), a Greece-based crude, product and LNG tanker operator, said on Thursday that its public offering of 11,000,000 common shares was priced at $7.30 per share.

Entities affiliated with the Tsakos Holdings Foundation, which is the company’s largest shareholder, have agreed to purchase 500,000 common shares in the offering. The gross proceeds from the offering are expected to be approximately $80.3 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 1,650,000 common shares.

The company plans to use the net proceeds of the offering to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partnership with a well- known oil major, 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. Clarkson Capital Markets LLC, DVB Capital Markets LLC and Brock Securities LLC are acting as co-managers for the offering. The offering was made under an effective shelf registration statement.

The offering is expected to close on or about April 29, 2014.

TEN, April 25, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >