Tsakos Energy to sell $50 million cumulative redeemable preferreds talked at 8.75%-8.875%

By Stephanie N. Rotondo

Phoenix, April 22 – Tsakos Energy Navigation Ltd. intends to price at least $50 million of series D cumulative redeemable perpetual preferred shares, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is 8.75% to 8.875%, a market source reported.

Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners. Co-managers include Axia, Evercore and Seaport Global.

Dividends will be payable on a quarterly basis. The preferreds become redeemable in April 2020 at par plus accrued dividends.

The company plans to list the new securities on the New York Stock Exchange under the ticker symbol “TNPPD.”

Proceeds will be used for general corporate purposes, which may include vessel acquisitions or investments and common and/or preferred stock repurchases.

Tsakos is an Athens, Greece-based oil and gas transportation company.

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