Safe Bulkers Announce Pricing of its Shares

MarineLink.com
Friday, June 07, 2013

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that its public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, was priced at $25 per share. Concurrently with the public offering, the company has also sold through a private placement, 800,000 series b preferred shares to Chalkoessa Maritime Inc., an entity associated with the company’s chief executive officer, Polys Hajioannou, at the public offering price.
 

The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, are expected to be $40,000,000. The company has also granted the underwritersa 30-day option to purchase up to an additional 120,000 shares of the series b preferred shares.
 

The company 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 comanager of the public offering, which is being made under an effective shelf registration statement.
 

The public offering is being made only by means of a prospectus supplement and accompanying base prospectus. A preliminary prospectus supplement and accompanying base prospectus relating to the Public Offering has been filed with the Securities and Exchange Commission (SEC) and is available at the SEC’s website at www.sec.gov. When available, the final prospectus supplement and accompanying base prospectus relating to the Public Offering may be obtained from Incapital LLC, 200 S. Wacker Drive, Suite 3700, Chicago, IL 60606, attention: DCM Prospectus Department, email: prospectus_requests@incapital.com, or DNB Markets, Inc., 200 Park Avenue, 31st Floor, New York, NY 10166, telephone: (212) 551 - 9814.

The offering is subject to customary closing conditions.
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Finance

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1412 sec (7 req/sec)