Tsakos Energy Navigation LTD 9.50% Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock

We are offering 5,400,000 of our Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share (the “Series F Preferred Shares”).

Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2018, 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, July 30, 2028 at a fixed rate equal to 9.50% per annum of the stated liquidation preference and (ii) from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus a spread of 6.54% per annum of the stated liquidation preference.

At any time on or after July 30, 2028, the Series F 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.

Parent ticker changed to TEN (from TNP) and Preferred ticker changed to TEN-F on 7/1/2024

The coupon is fixed at 9.50% until 7/30/2028 after which the coupon will float at a rate of 3 month Libor plus a spread of 6.54%.

Investors will receive a 1099 at tax time as Tsakos Energy Navigation has chosen to be taxed as a c-corp