Greece's Safe Bulkers, Inc. has set the price of its public offering offering of shares. The Company says it plans to use the net proceeds of the public offering to fund its newbuilding program and for other general corporate purposes, which may include repayment of indebtedness.
The public offering of 2,800,000 shares of its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series D Preferred Shares”) was priced at $25.00 per share.
SafeBulkers add that the gross proceeds from the Public Offering before the underwriting discount and other offering expenses are expected to be approximately $70 million. The offering is expected to close on or about June 30, 2014, subject to customary closing conditions.
The Company has also granted the underwriters a 30-day option to purchase up to an additional 420,000 shares of the Series D Preferred Shares solely to cover over-allotments, if any.
Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint bookrunners of the Public Offering, which is being made under an effective shelf registration statement. DNB Markets, Inc. is acting as co-manager of the Public Offering.
About Safe Bulkers, Inc.
The Company 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 marine drybulk transportation services.
For further information contact:
Dr. Loukas Barmparis President
Safe Bulkers, Inc. Athens, Greece
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500