TEN, Ltd Announces Redemption of $50.0 Million 8.0% Series B Cumulative Redeemable Perpetual Preferred Shares
August 01 2019 - 12:30PM
TEN, Ltd (“TEN” or the “Company”) (NYSE:TNP) today announced the
completion, on July 30, 2019, of its full redemption of its $50.0
million 8.0% Series B Cumulative Redeemable Perpetual Preferred
Shares which were issued on May 10, 2013. The Series B issuance
highlighted TEN’s ability to access alternative pockets of growth
capital, at competitive rates. TEN’s track record in rewarding
shareholders with uninterrupted and healthy common and preferred
stock dividends through market cycles, enabled the Company to tap
this pool of capital as TEN embarked on its biggest expansion
phase, with the building of 19 or 20 modern tankers under long-term
accretive contracts.
“In addition to the positive rate environment
for our fleet, the redemption of the Series B preferred shares will
result in $4.0 million cost savings straight to our bottom line.
This significant milestone highlights TEN’s ability to raise
competitive capital, at all times, for growth. Our 19-fleet
expansion program is close to completion while our total fleet has
$1.2 billion in minimum contracted revenues with an average charter
duration of 2.2 years,” Mr. Nikolas P. Tsakos, President & CEO
of TEN commented. “Our strong balance sheet allows TEN to explore
additional accretive growth opportunities and take advantage of the
positive rate environment that is shaping up. The fact that the
Series B traded at or above par for most of its life underscores
that the bond created between TEN and its investor base remains
solid,” Mr. Tsakos concluded.
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, totalling 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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