Fabrib
Forumer storico
Nuova preferred per Tsakos
06/21/2018 | 05:16pm EDT
ATHENS, Greece, June 21, 2018 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN”) (NYSE:TNP), a leading diversified crude, product and LNG tanker operator, today announced the pricing of its public offering of its Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (“Series F Preferred Shares”). TEN will issue 5,400,000 Series F Preferred Shares at a price to the public of $25.00 per share. Dividends will be payable on the Series F Preferred Shares to July 30, 2028 at a fixed rate equal to 9.50% per annum and from July 30, 2028, if not redeemed, at a floating rate. In connection with the offering, TEN has granted the underwriters a 30-day option to purchase 810,000 additional Series F Preferred Shares, which, if exercised in full, would result in total gross proceeds of $155,250,000.
TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions and/or strategic investments and preferred share redemptions. Following the offering, TEN intends to file an application to list the Series F Preferred Shares on the New York Stock Exchange.
The offering is expected to close on or about June 28, 2018.
06/21/2018 | 05:16pm EDT
ATHENS, Greece, June 21, 2018 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN”) (NYSE:TNP), a leading diversified crude, product and LNG tanker operator, today announced the pricing of its public offering of its Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (“Series F Preferred Shares”). TEN will issue 5,400,000 Series F Preferred Shares at a price to the public of $25.00 per share. Dividends will be payable on the Series F Preferred Shares to July 30, 2028 at a fixed rate equal to 9.50% per annum and from July 30, 2028, if not redeemed, at a floating rate. In connection with the offering, TEN has granted the underwriters a 30-day option to purchase 810,000 additional Series F Preferred Shares, which, if exercised in full, would result in total gross proceeds of $155,250,000.
TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions and/or strategic investments and preferred share redemptions. Following the offering, TEN intends to file an application to list the Series F Preferred Shares on the New York Stock Exchange.
The offering is expected to close on or about June 28, 2018.
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