PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 4:44 PM
| This Slide: #180 of 609 |
Slide #180. TEN Ltd. — Preferred Stock Offering
Company:
TEN Ltd. (NYSE:TNP)
Date announced:
6/21/2018
Shares Offered:
5,400,000
Date of Pricing:
6/21/2018
Price Per Share:
$25.00
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.
Preferreds: TNP.PRB, TNP.PRC, TNP.PRD, TNP.PRE, TNP.PRF
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Avg. Broker Rec.
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Strong Buy (4.00 out of 4) 78th percentile
(ranked higher than approx. 78% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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