TEN Ltd. to Redeem all of its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares
June 28 2019 - 9:00AM
Tsakos Energy Navigation Ltd. (“TEN” or the “Company”) (NYSE: TNP),
a leading diversified crude, product and LNG tanker operator, today
announced that it has called for redemption all 2,000,000 of its
outstanding 8.00% Series B Cumulative Redeemable Perpetual
Preferred Shares (NYSE: TNP-PB) (the “Series B Preferred Shares”).
The redemption of the Series B Preferred Shares will occur on July
30, 2019 (the “Redemption Date”). The redemption price will
be equal to $25.00 per share.
All shares of Series B Preferred Shares are held
in book-entry form through the Depository Trust
Company (“DTC”). The Series B Preferred Shares will be
redeemed in accordance with the applicable procedures of DTC.
Payment to DTC for the shares of Series B Preferred Shares will be
made by Computershare Trust Company, LLC, as redemption agent
(the “Redemption Agent”). The address for the Redemption
Agent is as follows:
Computershare Inc.150 Royall StreetCanton, MA
02021
July 30, 2019 is also the final dividend payment
date for the Series B Preferred Shares. The record date for that
dividend is July 29, 2019. Payment of the final dividend of $0.50
per Series B Preferred Share will be made on the redemption date of
July 30, 2019. The dividend is for the period from the most recent
dividend payment date on April 30, 2019 through July 29, 2019.
Dividends on the Series B Preferred Shares will cease to accumulate
from and after the Redemption Date.
ABOUT TSAKOS ENERGY
NAVIGATION
TEN, founded in 1993 and celebrating this year
26 years as a public company, is one of the first and most
established public shipping companies in the world. TEN’s
diversified energy fleet currently consists of 68 double-hull
vessels, including two aframax and two suezmax tankers under
construction, constituting a mix of crude tankers, product tankers
and LNG carriers, totaling 7.5 million dwt. Of the proforma fleet
today, 48 vessels trade in crude, 15 in products, three are shuttle
tankers and two are LNG carriers.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained
herein, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
predicted by such forward-looking statements. TEN undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
For further information please contact:
Company
Tsakos Energy Navigation Ltd.George Saroglou
COO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc. Nicolas BornozisMarkella Kara
+212 661 7566ten@capitallink.com
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