TEN Ltd., a leading diversified crude, product and LNG tanker operator, announced the closing of its successful public offering of 4,600,000 Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, including 600,000 Series E Preferred Shares issued upon the exercise in full by the underwriters of their option to purchase additional shares. The public offering price was $25.00 per share. The gross proceeds of the offering were $115.0 million.
TEN intends to use the net proceeds from the offering for general corporate purposes, which may include vessel acquisitions and/or strategic investments. TEN has filed an application to list the Series E Preferred Shares on the New York Stock Exchange.
Morgan Stanley, UBS Investment Bank, J.P. Morgan, Citigroup and Stifel acted as joint bookrunners for the offering. BNP PARIBAS and DVB Capital Markets acted as co-managers for the offering.