Safe Bulkers Announce Pricing of its Shares

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: [email protected], 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.