Safe Bulkers, Inc. Announces Pricing of Its Public Offering of Common Stock
ATHENS, GREECE -- (Marketwired) -- 11/13/13 -- Safe Bulkers, Inc.
(the "Company") (NYSE: SB), an international provider of marine
drybulk transportation services, announced today that its public
offering (the "Public Offering") of 5,000,000 shares of its common
stock, (the "Common Stock") was priced at $7.43 per share. The gross
proceeds from the Public Offering before the underwriting discount
and other offering expenses are expected to be approximately $37.2
The Company has also granted the underwriters a 30-day option to
purchase up to an additional 750,000 shares of the Common Stock.
Concurrently with the Public Offering, the Company is also selling
through a private placement 1,000,000 shares of its Common Stock to
Bellapais Maritime Inc., an entity associated with its chief
executive officer, Polys Hajioannou, at the public offering price
(the "Private Placement").
The gross total proceeds from the Public Offering and the concurrent
Private Placement are expected to be approximately $44.6 million.
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
Morgan Stanley and Evercore are acting as book-running managers of
the Public Offering, which is being made under an effective shelf
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 http://www.sec.gov.
When available, the final prospectus supplement and accompanying base
prospectus relating to the Public Offering may be obtained from
Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014,
telephone: 1-866-718-1649, Attn: Prospectus Department, email:
firstname.lastname@example.org, or Evercore, 55 East 52nd Street, 36th
Floor, New York, NY 10055, Attn: Evercore Prospectus Department -
Equity Capital Markets, email: email@example.com.
The offering is subject to customary closing conditions.
This release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
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 such services. The Company's common
stock is listed on the NYSE, where it trades under the symbol "SB".
The Company's current fleet consists of 28 drybulk vessels, all built
2003 onwards, and the Company has contracted to acquire ten
additional drybulk newbuild vessels to be delivered at various dates
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Exchange Act of 1933, as amended, and
in Section 21E of the Securities Act of 1934, as amended). Words such
as "expects," "intends," "plans," "believes," "anticipates," "hopes,"
"estimates" and variations of such words and similar expressions are
intended to identify forward-looking statements. Statements contained
in this press release are based upon information presently available
to the Company and assumptions that the Company believes to be
reasonable. The Company is not assuming any duty to update this
information should those facts change or should the Company no longer
believe the assumptions to be reasonable. These statements are
subject to risks and uncertainties, including without limitation, the
Company's ability to satisfy closing conditions, general market
conditions, the performance of the Company's business and other risks
detailed from time-to-time in the Company's filings with the
Securities and Exchange Commission.
For further information please contact:
Dr. Loukas Barmparis
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
Investor Relations / Media Contact:
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
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