Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thu, April 25, 11:54 PM
This Slide: #270 of 620 |
Slide #270. TEN Ltd. — Preferred Stock Offering
Company:
TEN Ltd. (NYSE:TNP)
Date announced:
3/29/2017
Shares Offered:
4,000,000
Date of Pricing:
3/29/2017
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 successful public offering of Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares ("Series E Preferred Shares"), which was upsized to $100,000,000. TEN will issue 4,000,000 Series E Preferred Shares at a price to the public of $25.00 per share. Dividends will be payable on the Series E Preferred Shares to May 28, 2027 at a fixed rate equal to 9.25% per annum and from May 28, 2027, if not redeemed, at a floating rate. In connection with the offering, TEN 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 $115,000,000.
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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Strong Buy (4.00 out of 4) 80th percentile
(ranked higher than approx. 80% of all stocks covered)
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