Tsakos Energy Navigation to price public offering of its common stock

Joint bookrunners UBS Investment, Wells Fargo have a greenshoe

By Devika Patel

Knoxville, Tenn., Jan. 30 - Tsakos Energy Navigation Ltd. will price a public offering of common stock with a 30-day greenshoe, according to a preliminary prospectus supplement filed Thursday with the Securities and Exchange Commission.

Entities associated with Tsakos Holdings Foundation, the company's largest stockholder, have indicated they might buy 500,000 shares.

Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are the joint bookrunning managers.

Proceeds will be used for the company's vessel acquisition program and general corporate purposes.

Athens-based Tsakos owns modern tankers for oil companies and refiners.

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