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.