Safe Bulkers announces Public Offering and Concurrent Private Placement of Series
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series B Preferred Shares”) to the public (the “Public Offering”). In connection with the Public Offering, the Safe Bulkers intends to grant the underwriters a 30-day option to purchase additional shares of the Series B Preferred Shares. Concurrently with the Public Offering, the Safe Bulkers is also selling through a private placement its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price.
The Safe Bulkers plans to use the net proceeds of the Public Offering and Private Placement for vessel acquisitions, capital expenditures and for other general corporate purposes, which may include repayment of indebtedness.
Incapital LLC and DNB Markets, Inc. are acting as joint book-runners and Evercore Partners is acting as co-manager of the Public Offering, which is being made under an effective shelf registration statement.
About Safe Bulkers, Inc.
The Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of such services. The Safe Bulkers's common stock is listed on the NYSE, where it trades under the symbol “SB”. The Safe Bulkers’s current fleet consists of 26 drybulk vessels, all built 2003 onwards, and the Safe Bulkers has contracted to acquire eight additional drybulk newbuild vessels to be delivered at various dates through 2015.
