TEN Ltd. Declares Dividend on its Series C and Series F Cumulative Redeemable Perpetual Preferred Shares
July 08 2019 - 9:00AM
TEN Ltd. (“TEN”) (NYSE: TNP) (the “Company”), a leading diversified
crude, product and LNG tanker operator, today announced that its
Board of Directors declared the regular quarterly cash dividend of
approximately $0.5547 per share for its Series C Cumulative
Redeemable Perpetual Preferred Shares (the “Series C Preferred
Shares”; NYSE; TNPPRC) and $0.59375 per share for its Series F
Cumulative Redeemable Perpetual Preferred Shares (the “Series F
Preferred Shares”; NYSE; TNPPRF).
Each dividend of the Series C and F Preferred
Shares is for the period from the most recent dividend payment date
on April 30, 2019 through July 29, 2019.
The dividend on the Series C and F Preferred
Shares will be paid on July 30, 2019 to all holders of record of
Series C and F Preferred Shares as of July 25, 2019.
Dividends on the Series C and F Preferred Shares are payable
quarterly in arrears on the 30th day (unless the 30th falls on a
weekend or public holiday, in which case the payment date is moved
to the next business day) of January, April, July and October of
each year, when, as and if declared by TEN’s board of
directors. This is the 23rd dividend on the Series C and the
fourth dividend on the Series F since their commencement of trading
on the New York Stock Exchange.
As previously announced, TEN 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”), which will occur on July 30,
2019 (the “Redemption Date”) at a redemption price equal to $25.00
per share.
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.
TEN has 2,000,000 Series B Preferred Shares,
2,000,000 Series C Preferred Shares and 6,000,000 Series F
Preferred Shares outstanding as of the date of this press
release.
ABOUT TSAKOS ENERGY
NAVIGATIONTEN, 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.
ABOUT 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:
CompanyTsakos 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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