TEN Ltd. Declares Dividend on its Series C and Series F Cumulative Redeemable Perpetual Preferred Shares

Rhea-AI Summary

Tsakos Energy Navigation (TNP) announced a quarterly cash dividend of $0.5547 for its Series C Preferred Shares and $0.59375 for Series F Preferred Shares. The dividends cover the period from July 30, 2020, to October 29, 2020, and will be paid on October 30, 2020. Additionally, TNP is redeeming all 2,000,000 Series C Preferred Shares at a redemption price of $25.00 per share effective October 30, 2020, marking the final dividend payment for Series C. TNP currently has 6,000,000 Series F Preferred Shares outstanding.

Positive

• Quarterly cash dividend of $0.5547 for Series C and $0.59375 for Series F demonstrates financial stability.
• Redemption of Series C shares shows efficient capital management.

Negative

• Final dividend for Series C may indicate a transition away from this class of shares.

ATHENS, Greece, Oct. 05, 2020 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN”) (NYSE: TNP) (the “Company”), a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of approximately $0.5547 per share for its Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”; NYSE; TNPPRC) and $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the “Series F Preferred Shares”; NYSE; TNPPRF).

Each dividend of the Series C and F Preferred Shares is for the period from the most recent dividend payment date on July 30, 2020 through October 29, 2020.

The dividend on the Series C and F Preferred Shares will be paid on October 30, 2020 to all holders of record of Series C and F Preferred Shares as of October 27, 2020. Dividends on the Series C and F Preferred Shares are payable quarterly in arrears on the 30^th day (unless the 30^th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year, when, as and if declared by TEN’s board of directors. This is the 28^th dividend on the Series C and the ninth dividend on the Series F since their commencement of trading on the New York Stock Exchange.

As previously announced, TEN has called for redemption all 2,000,000 of its outstanding 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (NYSE: TNP-PC) (the “Series C Preferred Shares”), which will occur on October 30, 2020 (the “Redemption Date”) at a redemption price equal to $25.00 per share.

October 30, 2020 is also the final dividend payment date for the Series C Preferred Shares. The record date for that dividend is October 27, 2020. Payment of the final dividend of $0.5547 per Series C Preferred Share will be made on the redemption date of October 30, 2020. Dividends on the Series C Preferred Shares will cease to accumulate from and after the Redemption Date.

TEN has 2,000,000 Series C Preferred Shares and 6,000,000 Series F Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 27 years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 65 double-hull vessels in the water, and one LNG carrier, two suezmax tankers and up to three suezmax DP2 shuttle tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, exceeding 8.0 million dwt.

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information, please contact :

Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com

FAQ

What is the dividend amount for Tsakos Energy Navigation (TNP) Series C and F Preferred Shares?

The dividend is $0.5547 for Series C and $0.59375 for Series F.

When will the dividends for Series C and F Preferred Shares be paid?

Dividends will be paid on October 30, 2020.

When is the record date for the upcoming dividend payment for TNP?

The record date is October 27, 2020.

What is the redemption price for the Series C Preferred Shares of TNP?

The redemption price is $25.00 per share.

How many Series C and Series F Preferred Shares are outstanding for TNP?

There are 2,000,000 Series C and 6,000,000 Series F Preferred Shares outstanding.