EXHIBIT 99.3
CAPITALIZATION
The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash and (iii) consolidated capitalization as of June 30, 2019 on:
• | an actual basis; and |
• | an as adjusted basis giving effect to (i) scheduled debt repayments of $41 million, (ii) the $50 million redemption of Series B Preferred Shares, (iii) the payment of $10.2 million of preferred share dividends, (iv) the sale of 1,640,179 common shares for an aggregate sum of $5.4 million, (v) debt prepayments of $150.5 million for four aframax tankers,Elias Tsakos, Thomas Z, Oslo TSand Leontios H, and three handysize tankers,Amphitrite, Arion, Andromeda, and $169 million debt drawdowns for the same vessels and (vi) debt drawdowns of $24.1 million and an equivalent amount of respective shipyard payments forHull 8041,Hull 8042, Hull 5033 andHull 5036. |
Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances,re-capitalization or special dividends between June 30, 2019 and September 18, 2019.
This table should be read in conjunction with our consolidated financial statements and the notes thereto, “Results of operations-Management’s Discussion and Analysis” attached as Exhibits 99.1 and 99.2, respectively, to the Report on Form6-K to which this capitalization table is an exhibit, and “Item 5. Operating and Financial Review and Prospects,” included in our Annual Report on Form20-F for the year ended December 31, 2018.
As of June 30, 2019 | ||||||||
In thousands of U.S. Dollars | Actual | Adjusted | ||||||
Cash | ||||||||
Cash and cash equivalents | 182,929 | 105,578 | ||||||
Restricted cash | 9,657 | 9,657 | ||||||
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Total cash | 192,586 | 115,235 | ||||||
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Capitalization | ||||||||
Debt: | ||||||||
Long-term secured debt obligations (including current portion) | 1,542,660 | 1,544,214 | ||||||
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Stockholders’ equity: | ||||||||
Preferred shares, $1.00 par value; 25,000,000 shares authorized on an actual and as adjusted basis and 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares and 6,000,000 Series F Preferred Shares issued and outstanding on an actual and on an adjusted basis | 16,025 | 16,025 | ||||||
Common shares, $1.00 par value; 175,000,000 shares authorized on an actual and as an adjusted basis; 87,872,522 shares issued and outstanding on an actual basis and 89,512,701 shares issued and outstanding on an as adjusted basis | 87,873 | 89,513 | ||||||
Additionalpaid-in capital | 952,186 | 955,902 | ||||||
Accumulated other comprehensive loss | (18,150 | ) | (18,150 | ) | ||||
Retained earnings | 383,920 | 374,715 | ||||||
Non-controlling interest | 20,935 | 20,935 | ||||||
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Total stockholders’ equity | 1,442,789 | 1,438,940 | ||||||
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Total capitalization | 2,985,449 | 2,983,154 | ||||||
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