Tsakos Energy Navigation (TNP) to Offer 10M Shares of Common Stock
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Tsakos Energy Navigation Limited (NYSE: TNP) announced today that it plans to offer 10,000,000 of its common shares in a public offering. Entities affiliated with the Tsakos Foundation, which is the Company's largest shareholder, have indicated their intention to purchase approximately 10% of the common shares sold in the offering. In connection with the offering, the Company intends to grant 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.
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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