The New York-listed tanker and LNG carrier company said it would sell 3.4m of its 8.75% redeemable preferred shares to the public at $25 each.
This will raise $85m and could be boosted to $97.75m if underwriters take up their allocation of an extra 510,000 shares.
The offering is expected to close on or about 29 April.
TEN has said the money could be used for vessel acquisitions or investments and share buy-backs.
Morgan
