TEN Closes USD 85 Million IPO

zoom Athens-based crude and product tanker and LNG carrier operator Tsakos Energy Navigation Limited (TEN) has closed its public offering of USD 85 million worth of its Series D shares. TEN offered 8.75% of its Series D Cumulative Redeemable Perpetual Preferred Shares at a price to public of USD 25.00 per share. The company has granted the underwriters a 30-day option to purchase additional Series D Preferred Shares to cover over-allotments. TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments and repurchases of its common shares and preferred shares. The Series D Preferred Shares have been approved for listing on the New York Stock Exchange.