Entities affiliated with the Tsakos Holdings Foundation, which is the company’s largest shareholder, have indicated their intention to purchase 500,000 of the common shares sold in the offering.
Tsakos said that it intended to grant the underwriters of the offering a 30-day option to purchase up to an additional 15% of the number of common shares sold in the offering.
The company said that it planned to use the net proceeds of the offering to finance fleet growth and modernisation and for general corporate purposes.
Morgan Stanley, UBS Securities and Wells Fargo Securities are acting as joint book-running managers of the offering, which will be made under an effective shelf registration statement, Tsakos explained.