ATHENS, Greece, Aug. 01, 2019 (GLOBE NEWSWIRE) — 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.