Shares shall carry a coupon of 8.50% until 3/15/2024 at which time the coupon will float at the rate of 3 month libor plus a spread of 5.317%.
Investors in this security will receive a 1099 NOT a K-1 as GasLog Partners has chosen to be taxed as a C-Corp.
GasLog Partners merged with Gaslog LTD on 7/13/2023. Gaslog LTD is the surviving company, but Gaslog Partners preferreds remain outstanding. Gaslog LTD had previously done a ‘take private deal and thus is not publicly traded.
This issue will trade with SOFR + .2616% replacing LIBOR. So 3 month SOFR + .2616 will be added to a spread of 5.317%
Rate will be fixed at 8.75% until 11/22/2023 at which point it will float at a rate 3 month Libor plus a spread of 5.593%
Distributions for this security are qualified for tax purposes as Dynagas has chosen to be taxed as a C-Corp.
Coupon is fixed at 6.25% until 6/30/2025 after which it floats at a rate of 3 month Libor plus a spread of 3.85%
Only redeemable on a dividend payment date
We are offering 4,000,000 of our Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (the “Series E Preferred Shares”).
Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends (i) from and including the original issue date to, but excluding, May 28, 2027 at a fixed rate equal to 9.25% per annum of the stated liquidation preference and (ii) from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference.
At any time on or after May 28, 2027, the Series E Preferred Shares may be redeemed, in whole or in part, out of amounts available therefor, at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared.
We intend to file an application to list the Series E Preferred Shares on The New York Stock Exchange under the symbol “TNP PR E”. Currently, there is no public market for the Series E Preferred Shares. If the application is approved, trading of the Series E Preferred Shares is expected to begin within 30 days after the original issue date of the Series E Preferred Shares.
Parent ticker changed to TEN (from TNP) and Preferred ticker changed to TEN-E on 7/1/2024
Coupon will be fixed at 9.25% until 5/28/2027 after which the rate will float at 3 month Libor plus a spread of 6.881%.
Investors will receive a 1099 at tax time as Tsakos Energy Navigation has chosen to be taxed as a c-corp
Coupopn is fixed at 5.75% until 6/15/2026 after which it is reset quarterly at 3 month Libor plus a fixed spread of 4.04%
So long as no event of default with respect to the Debentures has occurred and is continuing, we may, on one or more occasions, in our sole discretion, defer interest payments on the Debentures for one or more interest periods (each, a “deferral period”) of up to five consecutive years without giving rise to an event of default under the terms of the Debentures. A deferral of interest payments cannot extend, however, beyond the maturity date or the earlier acceleration or redemption of the Debentures. During a deferral period, interest will continue to accrue on the Debentures, and deferred interest payments will accrue additional interest at the then applicable interest rate on the Debentures, compounded quarterly as of each interest payment date to the extent permitted by applicable law. No interest otherwise due during a deferral period will be due and payable on the Debentures until the end of such deferral period except upon an acceleration or redemption of the Debentures during such deferral period.
