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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Thu., Apr. 24, 3:31 AM

Slide #2. Tsakos Energy Navigation Ltd. Secondary Offering

Company: Tsakos Energy Navigation Ltd. (NYSE:TNP)
Date announced: 4/23/2014
Shares Offered: 11,000,000
Secondary Offering Details: Tsakos Energy Navigation Ltd., a leading crude, product and LNG tanker operator, announced that it plans to offer 11,000,000 common shares in a public offering. Entities affiliated with the Tsakos Holdings Foundation, which is the Company's largest shareholder, have indicated their intention to purchase up to 10% of the common shares sold in the offering. The Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,650,000 of the number of common shares sold in the offering. The Company plans to use the net proceeds of the offering to finance the expansion and modernization of its fleet through its vessel acquisition program, including instalment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partnership with a well-known oil major, and for general corporate purposes.

Tsakos Energy Navigation is an international shipping company based in Greece. Co. is engaged in the provision of international seaborne petroleum product and crude oil transportation services. Co. operates a fleet of approximately 45 modern petroleum product tankers and crude oil carriers that provide world-wide marine transportation services for national, major and other independent oil companies and refiners under long, medium and short-term charters. Co.'s fleet also includes one 2007-built Liquefied Natural Gas (LNG) carrier and two 2013-built shuttle suezmax tankers with advanced dynamic positioning technology (DP2), bringing its total operating fleet to 48 vessels.

Preferreds: TNP.PRB, TNP.PRC


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Company Name:  Tsakos Energy Navigation Ltd.
Website:  www.tenn.gr
Sector:  Oil & Gas Equipment & Services
Number of ETFs Holding TNP:  7
Total Market Value Held by ETFs:  $4.69M
Total Market Capitalization:  $460.00M
% of Market Cap. Held by ETFs:  1.02%
 

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April 24, 2014    3:31 AM Eastern
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Strong Buy (3.60 out of 4)
79th percentile
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