Safe Bulkers, Inc. Announces At-The-Market Equity Offering Program

Rhea-AI Summary

Safe Bulkers, Inc. (NYSE: SB) has filed a prospectus supplement with the SEC to offer shares worth up to $23,500,000 through an at-the-market (ATM) equity program. Proceeds will be utilized for general corporate purposes, including debt repayment and potential vessel acquisitions. Sales will be made via DNB Markets, Inc. on NYSE, at current market prices. The prospectus is accessible on the SEC's website. Safe Bulkers is a provider of marine drybulk transportation services, specializing in coal, grain, and iron ore transportation.

Positive

• Offering shares up to $23,500,000 may strengthen liquidity.
• Proceeds allocated for potential acquisitions may enhance fleet capabilities.

Negative

• Potential dilution of existing shareholders due to share issuance.

MONACO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has filed a prospectus supplement with the Securities and Exchange Commission (“SEC”), under which it may offer and sell shares of its common stock (“Shares”) having an aggregate offering price of up to $23,500,000 from time to time through an “at-the-market” equity offering program (the ATM Program”).  The timing of any sales will depend on a variety of factors to be determined by the Company. 

The Company plans to use the proceeds from the sale of Shares under the ATM Program for general corporate purposes including repayment or settlement of our financial obligations and subject to market conditions for potential acquisition of newbuild or second hand vessels.

In accordance with the terms of the ATM Program, the Company may offer and sell its Shares at any time and from time to time through DNB Markets, Inc. as its sales agent. Sales of the Shares, if any, will be made by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.

The prospectus supplement and accompanying base prospectus relating to the ATM Program have been filed with the SEC and are available at the SEC’s website at http://www.sec.gov.  Copies of the prospectus supplement and accompanying base prospectus relating to the ATM Program may also be obtained from DNB Markets at 200 Park Ave, Floor 31, New York, NY 10166, telephone: 212-681-3800.

This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any Shares of the Company, which is made only by means of the prospectus supplement and base prospectus.  There will be no sale of Shares in any jurisdiction in which the offer, solicitation of an offer to buy or sale would be unlawful. 

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, Series C and Series D preferred stock is listed on the NYSE, where it trades under the symbols “SB”, “SB.PR.C” and “SB.PR.D”, respectively.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange 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 that 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:

Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Athens, Greece
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
E-Mail: directors@safebulkers.com

Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com

FAQ

What is the purpose of Safe Bulkers' recent share offering?

The share offering aims to raise up to $23,500,000 for general corporate purposes, including debt repayment and new vessel acquisitions.

When was the prospectus supplement for the ATM Program filed?

The prospectus supplement was filed on August 10, 2020.

How does Safe Bulkers plan to sell its shares?

Safe Bulkers plans to sell its shares through DNB Markets, Inc. at market prices or negotiated prices on the NYSE.

What could the impact of the share offering be on shareholders?

The share offering might dilute existing shareholders' interests due to the increase in total shares outstanding.

What are the stock symbols for Safe Bulkers?

Safe Bulkers is listed under the symbols 'SB', 'SB.PR.C', and 'SB.PR.D'.