Tsakos Energy Navigation’s Offering of Fixed‑to‑Floating Rate Preferred Shares

Cravath represented the underwriters, led by Morgan Stanley, UBS Investment Bank, J.P. Morgan Securities, Stifel and Citigroup, in connection with the US$115 million offering of series E fixed‑to‑floating rate preferred shares of Tsakos Energy Navigation, a leading provider of international seaborne crude oil and petroleum production transportation services. The shares were listed on the New York Stock Exchange. The transaction closed on April 5, 2017.

The Cravath team included partners Andrew J. Pitts and D. Scott Bennett and associate Benjamin G. H. Lazar. Daniel A. Schwaibold also worked on this matter.