TEN ups share offering

Mar 31 2017

TEN Ltd has announced the pricing of its public offering of Series E Preferred Shares, which was increased to $100 mill.

The company will issue 4 mill Series E Preferred Shares at a price to the public of $25 per share. Dividends will be payable to 28^th May, 2027 at a fixed rate equal to 9.25% per annum and from that date, if not redeemed, at a floating rate.

In connection with the offering, TEN has granted the underwriters a 30-day option to purchase 600,000 additional shares, which, if exercised in full, would result in total gross proceeds of $115 mill.

TEN said that it intended to use the net proceeds from the offering for general corporate purposes, which may include vessel acquisitions and/or strategic investments.

Following the offering, TEN intends to file an application to list the shares on the New York Stock Exchange. 

The offering is expected to close on or about 5^th April, 2017.

Morgan Stanley, UBS Investment Bank, JP Morgan, Citigroup and Stifel are acting as joint bookrunners for the offering. DVB Capital Markets and BNP Paribas are acting as co-managers for the offering.