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02 October 2019

WFW advises OMP in Preferred Stock Transaction

Watson Farley & Williams (“WFW”) advised OMP, a leading maritime and offshore energy institutional investor, on its acquisition of US$35m of Series G Redeemable Convertible Perpetual Preferred Shares of Tsakos Energy Navigation (“TEN”) in a private placement.

The Series G Preferred Shares will participate on an as-converted basis in any dividends declared and paid on TEN’s common shares and will be convertible at any time on a three and one-third-for-one basis into TEN common shares.

Within the first quarter of 2021, any outstanding Series G Preferred Shares will, subject to certain limitations, be mandatorily exchanged for non-convertible perpetual preferred shares with a 7.50% coupon to be issued by a vessel-owning subsidiary of TEN.

OMP is an independent specialty finance company providing credit financing solutions to the offshore energy, E&P and maritime industries. OMP is based in Oslo and is a portfolio company of funds managed by HitecVision, a leading energy-focused private equity company.

The WFW New York Corporate team advising OMP on this transaction was led by Partner Steve Hollander, assisted by Partner Daniel Pilarski, Counsel Todd Johnson and Associate Daniel Berger.

Steve commented:

“We are delighted to have advised OMP and facilitated the successful completion of this transaction. We look forward to continuing our relationship with the company and advising them on future transactions.”

Other recent prominent deals our New York corporate team has handled include advising Cartesian Capital Group on US$50m equity capital injection into Viva Air Group and advising Teekay on its of US$250m private offering.

 

About Watson Farley & Williams:

Watson Farley & Williams is an international law firm with offices in Athens, Bangkok, Dubai, Frankfurt, Hamburg, Hong Kong, London, Madrid, Milan, Munich, New York, Paris, Rome and Singapore. The firm currently has 500+ lawyers and over 900 staff. Watson Farley & Williams is a leading international law firm providing services of high quality and value to clients throughout a range of industry sectors, with particular focus on: Energy & Infrastructure, Maritime, Natural Resources, Real Estate and Transport. Lawyers from our international offices work as integrated teams to provide practical, commercially focused legal services. Our locations allow us sufficient geographical spread to be competitive in the global market and to provide consistently high quality legal services to our clients. w: www.wfw.com

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