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.