TEN Announces Private Placement of $35 Million of Series G Redeemable Convertible Perpetual Preferred Shares
23 September 2019 - 11:15PM
TEN Ltd. (“TEN” or the “Company”) (NYSE: TNP), a leading
diversified crude, product and LNG tanker operator, announced today
that it has entered into a Share Purchase Agreement with a leading
maritime institutional investor for a private placement of
3,500,000 zero coupon Series G Redeemable Convertible Perpetual
Preferred Shares (the “Series G Preferred Shares”), at a price of
$10.00 per share.
The Series G Preferred Shares will participate
on an as-converted basis in any dividends declared and paid on
TEN’s common shares and will be convertible at any time on a three
and one-third-for-one basis into TEN common shares. Within the
first quarter of 2021, any outstanding Series G Preferred Shares
will, subject to certain limitations, be mandatorily exchanged for
non-convertible perpetual preferred shares with a 7.50% coupon to
be issued by a vessel-owning subsidiary of TEN.
The net proceeds, after deducting estimated fees
and expenses, are expected to be approximately $34.1million. The
Company expects to use the net proceeds for general corporate
purposes.
The transaction is subject to customary closing
conditions and is expected to close in September 2019.
The securities offered in the private placement
have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or any state securities laws and
may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements of the
Securities Act and applicable state laws.
This release is neither an offer to sell nor a
solicitation of an offer to purchase the securities described
herein.
ABOUT TSAKOS ENERGY
NAVIGATION
TEN, founded in 1993 and celebrating this year
26 years as a public company, is one of the first and most
established public shipping companies in the world. TEN’s
diversified energy fleet currently consists of 69 double-hull
vessels, including two aframax tankers, two suezmax tankers and one
LNG carrier under construction, constituting a mix of crude
tankers, product tankers and LNG carriers, totaling 7.6 million
dwt. Of the pro forma fleet today, 48 vessels trade in crude, 15 in
products, three are shuttle tankers and three are LNG carriers.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect our current views with respect to, among other
things, future events and our financial performance. In some cases,
predictive, future-tense or forward-looking words such as
“believe,” “intend,” “anticipate,” “estimate,” “project,”
“forecast,” “plan,” “potential,” “may,” “should” and “expect” and
similar expressions are intended to identify forward-looking
statements, but are not the exclusive means of identifying such
statements. These forward-looking are not intended to give any
assurance as to future results. Assumptions, expectations,
projections, intentions and beliefs about future events may, and
often do, vary from actual results and these differences can be
material. For a discussion of some of the risks and important
factors that could affect our future results and financial
condition, see our SEC filings, including, but not limited to, the
prospectus described in this press release.
For further information please contact:
Company
TEN, Ltd.George Saroglou COO+30210 94 07
710gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc. Nicolas BornozisMarkella Kara
+212 661 7566ten@capitallink.com
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