Tsakos Energy Navigation Ltd. (“TEN” or the “Company”), a leading diversified crude, product and LNG tanker operator, announced that it has called for redemption all 3,517,061 of its outstanding 8.75% Series D Cumulative Redeemable Perpetual Preferred Shares.
The redemption of the Series D Preferred Shares will occur on July 7, 2023 (the “Redemption Date”). The Series D Preferred Shares will be redeemed for $25.00 per share, plus all accrued and unpaid dividends to, but not including, the Redemption Date in an amount equal to $0.243056 per share, for a total payment of $25.243056 per share, which will be payable in cash on the Redemption Date.
After the Redemption Date, Series D Preferred Shares will no longer be deemed outstanding and all the rights of the holders of Series D Preferred Stock will terminate, except the right to receive the redemption price. In addition, because all the issued and outstanding shares of Series D Preferred Shares are being redeemed, the Series D Preferred Shares will no longer trade on the New York Stock Exchange after the Redemption Date. The Series D Preferred Shares currently trade on the NYSE under the symbol TNP-PD.
All shares of Series D Preferred Shares are held in book-entry form through the Depository Trust Company (“DTC”). The Series D Preferred Shares will be redeemed in accordance with the applicable procedures of DTC. Payment to DTC for the shares of Series D Preferred Shares will be made by Computershare Trust Company, LLC, as redemption agent (the “Redemption Agent”).
The address for the Redemption Agent is as follows: Computershare Inc. 150 Royall Street Canton, MA 02021.
