TEN in Fresh Funding Move

Greek tanker owner and operator Tsakos Energy Navigation Limited (TEN) has raised USD 100 million from a public offering of E Series of preferred shares.

The net proceeds are planned to be used for general corporate purposes including potential vessel acquisitions and strategic investments.

TEN is planing to issue 4 million Series E Preferred Shares at a price of USD 25 per share.

In connection with the offering, the company has granted the underwriters a 30-day option to purchase 600,000 additional Series E Preferred Shares, which, if exercised in full, would result in total gross proceeds of USD 115 million.

The offering is expected to close on or about April 5, 2017.

Earlier this month, TEN released its financial results for 2016 which show that the company’s net income plunged to USD 55.7 million for the full year of 2016 from USD 158.2 million seen a year earlier.

Despite the decrease in its profit, the company said it remains optimistic on 2017 due to the continued low price of crude oil, abundant alternative sources of oil supply and growing consumer demand.

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