Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 134

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 134
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3 million was paid in scheduled installments. Proceeds from new bank loans in 2023 amounted to $411.4 million and payments of debt amounted to $426.3 million, which included $241.2 million loan prepayments and $185.1 million scheduled debt repayments.

Total debt outstanding increased from $1.57 billion at December 31, 2023, to $1.76 billion at December 31, 2024.

In 2024 and 2023, the Company paid dividends aggregating $1.50 and $1.00 per common share, respectively. Total dividend payments to common shareholders in 2024 amounted to $44.8 million, compared to $29.5 million in 2023. On March 27, 2025, the Company announced that it will pay a $0.60 per common share semi-annual dividend in July 2025. The payment and the amount of dividends on our common shares are subject to the discretion of our Board of Directors and depends on available cash balances, anticipated cash needs, our results of operations, our financial condition, and any loan agreement restrictions binding us or our subsidiaries, as well as other relevant factors.

Dividends of $0.5781 per share for the 9.25% Series E Preferred Shares were paid on February 28, May 28, August 28 and November 29, 2024, totaling in aggregate $11.0 million, and on February 28, 2025, $2.7 million. Dividends of $0.59375 per share for the 9.50% Series F Preferred Shares were paid on January 30, April 30, July 30 and October 30, 2024, totaling in aggregate $16.0 million, and on January 30, 2025, $4.0 million.

On July 7, 2023, the Company redeemed all of its 3,517,061 Series D Preferred Shares, with a liquidation preference of $25.00 per share along with the payment of a final dividend of $0.243056 per share, declared on May 30, 2023. The difference between the carrying value and the fair value of the Series D Preferred Shares, amounting to $3.3 million, was recognized as a reduction of retained earnings as a deemed dividend, and has been considered in the calculations of Earnings per Common Share in 2023.

Preferred share dividends on