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, Citigroup and Credit Suisse, in connection with the $135 million offering of series F fixed‑to‑floating rate cumulative redeemable perpetual preferred shares of Tsakos Energy Navigation Limited, 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 June 28, 2018.

The Cravath team included partner Andrew J. Pitts and associates James Ding and D. Ryan Hart on securities matters, and associate Damien J. Rose on tax matters. Summer associate Bethany Clarke also worked on securities matters.