Tsakos Energy Navigation offers cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 25 - Tsakos Energy Navigation Ltd. intends to sell series C cumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

UBS Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

Jefferies & Co. is the lead manager, and Incapital LLC and DNB Markets are the co-managers.

Dividends will be payable on the 30th day of January, April, July and October, beginning Jan. 30, 2014. Should the company experience a covenant or cross default, or if it should have four quarterly dividend payments in arrears or the shares are not redeemed in full by Oct. 30, 2020, the dividend rate will increase 1.25 times.

On or after Oct. 30, 2018, the company can redeem the preferreds at par plus accrued dividends.

Tsakos will apply to list the preferred shares on the New York Stock Exchange under the ticker symbol "TNPPC."

Proceeds will be used for general corporate purposes, which may include vessel acquisitions or investments.

Tsakos is an Athens, Greece-based ocean freight company.

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