NEW YORK, May 1, 2015: Morgan Lewis represented Tsakos Energy Navigation Ltd., a leading operator of crude, product, and liquefied natural gas (LNG) carriers, in an $85 million underwritten public offering of its 8.75% perpetual preferred shares.
Morgan Stanley and UBS were the lead underwriters of the offering, which closed on April 29. The underwriters have an option to purchase an additional 15% of the preferred shares that is exercisable until May 22.
The Morgan Lewis team advising Tsakos on the transaction was led by partners Stephen Farrell and Finnbarr Murphy. Team members included partner Richard Zarin, associates Jeffrey Letalien, Daniel Palmadesso, and Whitney Montgomery; and of counsel Maxine Woelfling.