SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

April 29, 2013 10:19 ET

Tsakos Energy Navigation Limited Announces Public Offering of Series B Cumulative Redeemable Perpetual Preferred Shares

ATHENS, GREECE--(Marketwired - Apr 29, 2013) - Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares") in a public offering under its effective shelf registration statement.

TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. Following the offering, TEN intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange.

Incapital and DNB Markets will act as joint book-running managers for the offering and Incapital will act as the sole structuring agent. Clarkson Capital Markets and Brock Capital will act as co-managers for the offering.

When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Incapital LLC, Attn: DCM Prospectus Department, 200 S. Wacker Drive, Suite 3700, Chicago, Illinois 60606, Telephone (312) 379-3700, Email prospectus_requests@incapital.com. and DNB Markets, Inc., 200 Park Avenue, 31st Floor, New York, New York, 10166, Telephone: (212) 551-9814.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus supplement and accompanying base prospectus.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including an LNG carrier under construction, consists of 49 double-hull vessels, totaling 4.9 million dwt, including 28 product carriers ranging from shuttle suezmaxes to handysize, 19 crude tankers ranging from VLCCs to aframaxes and two LNG carriers, one of which is under construction.

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.

Contact Information

  • Contact:

    For further information please contact:
    Company
    Tsakos Energy Navigation Ltd.
    George Saroglou
    COO
    +30210 94 07 710
    gsaroglou@tenn.gr

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Paul Lampoutis
    +212 661 7566
    ten@capitallink.com

    367 Syngrou Avenue, 175 64 P. Faliro, Hellas
    Tel:30210 94 07 710-3
    Fax:30210 94 07 716
    e-mail:ten@tenn.gr
    Website:http://www.tenn.gr