TEN Ltd. declares dividend on its Series C and Series F Preferred Shares

Oct 08 2020


TEN Ltd., a leading diversified crude, product and LNG tanker operator, 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 30th day (unless the 30th 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 28th 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 October 05, 2020.

 

 



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