Tsakos Energy Navigation, a leading provider of international seaborne energy transportation services for crude oil, petroleum products and LNG, announced today that its offering of 10,000,000 common shares was priced at $6.50 per share, representing a 3.4% discount from the closing price on April 18, 2012.
Entities affiliated with the Tsakos Holdings Foundation, which is the Company’s largest shareholder, have agreed to purchase two million of the common shares being sold in the offering.
The gross proceeds from the offering are expected to be approximately $65,000,000.
The Company has also granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares.
The Company plans to use the net proceeds of the offering to fund growth initiatives, including LNG, working capital and other general corporate purposes.
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LNG World News Staff, April 19, 2012; Image: TEN