Tsakos Energy Navigation said its underwriters have taken up options to buy more preferred shares, bringing its total proceeds from its latest fundraiser to $115m.

All 600,000 options for the Series E preferred shares have been exercised, adding another $15m to the pot.

That followed a public offering that sold 4.6 million of the securities for $100m, which have a so-called fixed-to-floating rate.

Net proceeds total $111m

TEN told the US Securities and Exchange Commission that the combined public sale and optional shares will bring in a total of $111m in net proceeds, after underwriting discounts.