New York-listed TEN on Wednesdayannounced plans to offload 11 million shares in a public offering backed byMorgan Stanley, UBS Securities and Wells Fargo Securities.
The owner pointed out that affiliates ofTsakos Holdings Foundation, the company’s largest shareholder, intend topurchase up to 10% of the stock it is looking to sell.
In addition, management told investorsthat it will likely grant the underwriters a 30-day option to acquire another1.65
