Tsakos Energy Navigation Ltd. (TNP) said the planned sale of at least 7.6 million shares was priced at an 8.3% discount to Tuesday's close.
Tsakos Energy Navigation Ltd. (TNP) said the planned sale of at least
7.6 million shares was priced at an 8.3% discount to Tuesday's close.
The Greek tanker company disclosed the plan late Tuesday, which entails 896,861
shares being bought by entities of the Tsakos family. A company spokesman said
the family has a history of buying shares when Tsakos makes offerings.
There are about 38 million outstanding, and shares were down 14% in recent
trading to $10.55, compared with the $11.30 offer price. They have dropped 28%
this year.
The company, which provides international water transport of crude-oil and
petroleum products, expects to use the capital it raises from the stock sale to
expand its fleet and for other corporate purposes.
Tsakos in August said its second-quarter profit slid 55% amid significantly
higher interest and finance costs as revenue fell 1.2%.
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