Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 10:07 AM
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Slide #144. TEN Ltd. — Preferred Stock Offering
TEN Ltd. (NYSE:TNP)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
TEN Ltd. ("TEN") (NYSE:TNP), a leading diversified crude, product and LNG tanker operator, today 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.
Tsakos Energy Navigation is a holding company. Through its subsidiaries, Co. is a provider of international seaborne crude oil and petroleum product transportation services. Co. is also engaged in transporting liquefied natural gas.
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Buy (3.33 out of 4)
(ranked lower than approx. 60% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com