Tsakos eyes up to $155m in preferred offering

Tsakos Energy Navigation (TEN) aims to raise up to $155m in its fifth preferred share offering.

The New York-listed tanker owner issued a term sheet for the series F fixed-to-floating preferred shares, saying it plans to issue 5.4 million of the new preferreds at $25 per share.

If underwriters exercise their option to purchase additional shares, the offering could go up to 6.2 million.

The fundraiser will net between $130.8m and $150.5m.