Business: Tsakos Energy Navigation Ltd, 9.25% Series E Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 5/28/2027 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions at a fixed rate of 9.25% per annum ($2.3125 per annum or $0.578125 per quarter) will be paid quarterly on 2/28, 5/28, 8/28 & 11/28 to holders of record on the record date that will be three business days immediately prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 5/28/2027 the dividend rate will be a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum. <p> Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders This company may lose its preferential tax rate if it is classified as a Passive Foreign Investment Company in this or a future tax year (see page S-47 of the prospectus for further information). <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.