Tsakos Energy’s $115 million of 9.25% fixed-to-floating cumulative preferreds list on NYSE

By Stephanie N. Rotondo

Seattle, April 10 – Tsakos Energy Navigation Ltd.’s $115 million of 9.25% series E fixed-to-floating rate cumulative redeemable preferred stock has been admitted to the New York Stock Exchange, a market source reported on Monday.

The ticker symbol is “TNPPrE.”

The $100 million deal came March 29, upsized from $50 million and in line with the 9.25% area price talk. On April 3, it was reported that a $15 million greenshoe had been exercised, bringing the total amount outstanding to $115 million.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, UBS Securities LLC, Citigroup Global Markets Inc. and Stifel Nicolaus & Co. Inc. were the bookrunners.

Dividends will be fixed until May 28, 2027, at which point the rate will begin floating at Libor plus 688.1 basis points.

The preferreds become redeemable on May 28, 2027 at par plus accrued dividends.

Entities affiliated with Tsakos Holdings Foundation intend to buy $500,000 of the preferreds. The foundation is the company’s largest shareholder.

The Athens, Greece-based seaborne oil transporter will use proceeds from the sale for general corporate purposes, which may include vessel acquisitions and/or strategic investments.

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