Tsakos Energy Navigation Ltd. Announces Closing of Common Share Issuance Under Underwriters' Option to Purchase Additional Shares

ATHENS, GREECE--(Marketwired - May 28, 2014) -   Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the closing of the sale of 1,650,000 common shares as a result of the underwriters' exercise in full of the option granted to them by the Company to purchase additional common shares at a price of $7.30 per share, less underwriting discounts and commissions, bringing the total to 12,650,000 shares sold in the previously announced public offering, resulting in total proceeds of $92.3 million.

The Company plans to use the net proceeds to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment 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.

Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. Clarkson Capital Markets LLC, DVB Capital Markets LLC and Brock Securities LLC acted as co-managers for the offering. The offering was made under an effective shelf registration statement.

The offering was made only by means of a prospectus supplement and accompanying base prospectus. The prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, UBS Investment Bank, 299 Park Avenue, New York, NY 10171, Attn: Prospectus Department, telephone: 888-827-7275 or Wells Fargo Securities, LLC, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Department, telephone: 800-326-5897, email: cmclientsupport@wellsfargo.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

ABOUT TSAKOS ENERGY NAVIGATION

To date, TEN's fleet, including two modern suezmax crude tankers scheduled for delivery in the second and third quarter of this year, the LNG carrier Maria Energy and nine Aframax crude oil tankers under construction, consists of 60 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.2 million dwt. Of these, 30 are crude tankers ranging from VLCCs to Aframaxes, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, and two are LNG carriers. 

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.