Tsakos Energy Navigation is selling a new issue of fixed-to-floating rate preferred stock.
The new issue will pay qualified dividends and will be cumulative
The company has 3 fixed rate preferred issues outstanding and they have coupons of 8% to 8.875%. The 8% issue is callable in July and the “use of proceeds” from this issue includes possible redemption of preferred stock. The 8.75% and 8.875% issues are not redeemable until later.
The rate will be fixed until 2028 at a yet to be determined fixed rate and at that point will float at 3 month Libor plus a spread which also is not yet announced.
The issue will have a permanent ticker of TNP-F.
The issue will trade on the OTC Grey market, although the temporary ticker has not been announced.
Here is the preliminary prospectus.
11 thoughts on “Tsakos Energy Navigation to Sell Fixed-to-Floating Preferred”
Tsakos preferred C is nice because it has a Failure to Redeem provision.
If the offering size is over $100M then they could use it to call both the B-series in July and C-series in October.
It would be great if the III website had a list dedicated for the Utility Pfds. category.
Love the website.
Thanks for the work you do
HI George–it will have this listing–and more. My problem right now is I have 3 business–2 of which provide my “grocery” money and they are booming. So for now my time to keep adding is soooo limited.
I own the preferred D-series shares of this Greek oil shipper with a basis slightly below par and have been satisfied.
It will be interesting to see how large this new offering is and at what interest rate(s).
According to https://finance.yahoo.com/news/ten-ltd-announces-pricing-public-211500245.html, it will have a 9.5% yield. Tasty but looks very risky judging from the TNP chart.
International seaways just started trading 8.5% 2023 bond. Any thoughts on them. I am leary on anything that floats what with the current international trade bruhaha
Note there is also a TNP-E 9.25% Call date, 5/28/27, QDI 🙂
Thanks Ward–you are correct of course–it is F-to-F @ 9.25% trading at 25.12. These preferreds are getting a bit spendy for TNP.
The IPO Preferred for Chicken Soup For The Soul symbol is CSSEP. And should start trading soon. Still awaiting the rate and terms. I will update shortly when I get the information. Wishing you profitable investing, Nomad
Thanks Nomad. I have been looking at their SEC filings and no new rate has been updated as of this afternoon. Hopefully it will be available in a few days.