Morning Commentary: Tsakos Energy plans preferred stock offering; Enstar’s new issue level

By James McCandless

San Antonio, June 21 – Tsakos Energy Navigation Ltd. said it plans to price an offering of $25-par series F fixed-to-floating rate cumulative redeemable perpetual preferred shares.

Morgan Stanley & Co. LLC, UBS Securities LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The preferreds are callable after 10 years (see related story elsewhere in this issue).

Meanwhile, Enstar Group Ltd.’s new $400 million series D fixed-to-floating rate perpetual preferred shares led early trading on its first day on the market with 2,203,000 shares exchanged.

Wells Fargo Securities, LLC, Morgan Stanley, JPMorgan, Barclays and HSBC Securities (USA) Inc. are the joint bookrunners.

The offering was announced Monday morning and priced on Wednesday.

The preferreds, trading under the temporary ticker “ENSTF,” were level at $25.20.

Verizon Communications Inc.’s 5.9% notes due 2054 saw increased volume with about 228,000 shares trading.

The preferreds (NYSE: VZA) were down 5 cents to $25.88.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.11% in early trading, adding to the 0.18% drop at the market close on Wednesday.

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