TEN Ltd. Declares Dividend on its Series C and Series F Cumulative Redeemable Perpetual Preferred Shares
October 05 2020 - 4:05PM
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 July 30, 2020 through October 29, 2020.
The dividend on the Series C and F Preferred
Shares will be paid on October 30, 2020 to all holders of record of
Series C and F Preferred Shares as of October 27, 2020. 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
28th dividend on the Series C and the ninth 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 8.875% Series C
Cumulative Redeemable Perpetual Preferred Shares (NYSE: TNP-PC)
(the “Series C Preferred Shares”), which will occur on October 30,
2020 (the “Redemption Date”) at a redemption price equal to $25.00
per share.
October 30, 2020 is also the final dividend
payment date for the Series C Preferred Shares. The record date for
that dividend is October 27, 2020. Payment of the final dividend of
$0.5547 per Series C Preferred Share will be made on the redemption
date of October 30, 2020. Dividends on the Series C Preferred
Shares will cease to accumulate from and after the Redemption
Date.
TEN has 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
27 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 65 double-hull
vessels in the water, and one LNG carrier, two suezmax tankers and
up to three suezmax DP2 shuttle tankers under construction,
constituting a mix of crude tankers, product tankers and LNG
carriers, exceeding 8.0 million dwt.
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
Tsakos Energy Navigation (NYSE:TNP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tsakos Energy Navigation (NYSE:TNP)
Historical Stock Chart
From Sep 2023 to Sep 2024