Tsakos Energy Navigation Prices Public Offering Of 11 Mln At $7.30/shr

(RTTNews) - Tsakos Energy Navigation Ltd. (TNP), crude, product and LNG tanker operator, announced that it has priced its public offering of 11 million common shares at $7.30 per share.

Entities affiliated with the Tsakos Holdings Foundation, which is the Company's largest shareholder, have agreed to purchase 500,000 common shares in the offering.

The gross proceeds from the offering are expected to be approximately $80.3 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 1.65 million common shares.

The company noted that it plans to use the net proceeds of the offering to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partnership with a well-known oil major, and for general corporate purposes.

The offering is expected to close on or about April 29, 2014.