Safe Bulkers, Inc. Announces Closing of Its Public Offering of Common Stock
Underwriters Fully Exercise Overallotment Option
ATHENS, GREECE -- (Marketwired) -- 11/18/13 -- Safe Bulkers, Inc.
(the "Company") (NYSE: SB), an international provider of marine
drybulk transportation services, announced today the closing of its
previously announced public offering (the "Public Offering") of
5,000,000 shares of common stock, and the exercise by the
underwriters in full of their option to purchase 750,000 additional
shares of common stock, in each case at a price of $7.43 per share.
The sale of the overallotment shares was also completed today. The
gross proceeds from the Public Offering including the sale of the
overallotment shares, before the underwriting discount and other
offering expenses, were approximately $42.7 million.
Concurrently with the Public Offering, the Company also sold 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
The gross total proceeds from the Public Offering, including the sale
of the overallotment shares, and the concurrent Private Placement,
were approximately $50.2 million.
The Company plans to use such proceeds for vessel acquisitions,
capital expenditures and for other general corporate purposes, which
may include the repayment of indebtedness.
Morgan Stanley and Evercore acted as book-running managers of the
Public Offering, which is being made under an effective shelf
The final prospectus supplement and accompanying base prospectus
relating to the Public Offering have been filed with the Securities
and Exchange Commission ("SEC") and are available at the SEC's
website at http://www.sec.gov. Copies of the final prospectus
supplement and accompanying base prospectus relating to the Public
Offering may also 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:
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.
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 times through 2016.
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) concerning
future events, the Company's growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further time charters. 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. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited to,
changes in the demand for drybulk vessels, competitive factors in the
market in which the Company operates, risks associated with
operations outside the United States and other factors listed from
time to time in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any obligations
or undertaking to release any updates or revisions to any
forward-looking statements contained herein to reflect any change in
the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
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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