New Issue: Tsakos Energy sells $85 million 8.75% cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, April 23 – Tsakos Energy Navigation Ltd. sold $85 million of 8.75% series D cumulative redeemable perpetual preferred shares, according to a prospectus filed with the Securities and Exchange Commission on Thursday.

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

Dividends will be payable on a quarterly basis. The preferreds become redeemable on April 29, 2020 at par plus accrued dividends.

Proceeds will be used for general corporate purposes, which may include vessel acquisitions or investments and common and/or preferred stock repurchases.

Tsakos is an Athens, Greece-based oil and gas transportation company.

Issuer:	Tsakos Energy Navigation Ltd.
Securities:	Series D cumulative redeemable preferred stock
Amount:	$85 million, or 3.4 million shares
Greenshoe:	$12.75 million, or 510,000 shares
Maturity:	Perpetual
Bookrunners:	Morgan Stanley & Co. LLC, UBS Securities LLC
Co-managers:	Axia Capital Markets LLC, Evercore Group LLC, Brock Securities LLC, Seaport Global Securities LLC
Dividend:	8.75%
Price:	Par of $25.00
Yield:	8.75%
Talk:	8.75% to 8.875%
Call options:	On or after April 29, 2020 at par plus accrued dividends
Pricing date:	April 22
Settlement date:	April 29
Expected listing:	NYSE: TNPPD
Cusip:	G9108L140

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