Safe Bulkers Inc. Announces Offering of Unsecured Bonds on the Athens Stock Exchange

Rhea-AI Summary

Safe Bulkers Inc. (NYSE: SB) announced plans for a public offer in Greece for up to €100 million in unsecured bonds through its subsidiary, Safe Bulkers Participations Plc. The offering aims to raise around €97.5 million to repay debt, redeem preferred shares, fund working capital, or acquire vessels. The bonds will only be offered to non-U.S. persons and won't be registered under the Securities Act. This action reflects the company's strategy to optimize its financial structure and bolster growth opportunities.

Positive

• Plans to raise €100 million through unsecured bonds to enhance liquidity and financial flexibility.
• Proceeds of up to €97.5 million targeted for debt repayment, preferred share redemption, and vessel acquisitions.

Negative

• The bond offering may not be completed, leaving financial goals unachieved.
• Bonds not registered under the Securities Act may limit investor participation.

MONACO, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Safe Bulkers Inc. (the “Company”) (NYSE: SB) announced today that its wholly owned subsidiary, Safe Bulkers Participations Plc (the “Issuer”), plans to launch a public offer in Greece of up to €100 million of unsecured bonds (the “Bonds”), which will be admitted to trading in the category of fixed income securities of the Regulated Market of the Athens Exchange (Greece).

The Company plans to use the net proceeds of the offering received from the Issuer (up to €97.5 million) for the repayment of debt and/or redemption of preferred shares and/or working capital needs and/or acquisition of vessels and/or general corporate purposes.

The Bonds will be offered only to non-U.S. persons outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and in a private placement only to “qualified institutional buyers” (as defined under the Securities Act) in the U.S. in a transaction not requiring registration under the Securities Act, subject to prevailing market and other conditions. There is no assurance that the offering will be completed or, if completed, as to the terms on which it is completed. The Bonds to be offered have not been registered under the Securities Act or the securities laws of any jurisdiction other than Greece and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release does not constitute a prospectus for the purposes of the Prospectus Regulation (EU) 2017/1129 (as amended, together with any applicable implementing measures in any Member State, the “Prospectus Regulation”). In any EEA Member State that has implemented the Prospectus Regulation, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of Article 2(d) of the Prospectus Regulation. Moreover, this press release and the information contained herein are not intended and shall not constitute a public offer within the meaning of Art. 2(d) of the Prospectus Regulation, and Article 58 of Greek law 4706/2020 or advertisement of securities in Greece or an invitation to make offers to purchase any securities in Greece within the meaning of Article 2(k) of the Prospectus Regulation and Article 63 of Greek law 4706/2020.

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 preferred stock and series D preferred stock are listed on the NYSE, and trade 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.
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' bond offering?

Safe Bulkers plans to use proceeds from the bond offering for debt repayment, preferred share redemption, working capital, and vessel acquisitions.

How much is Safe Bulkers aiming to raise with the bond offering?

The company aims to raise up to €100 million in unsecured bonds through its subsidiary.

When was the bond offering by Safe Bulkers announced?

The bond offering was announced on January 31, 2022.

Who can purchase the bonds offered by Safe Bulkers?

The bonds will be offered only to non-U.S. persons outside the United States and to qualified institutional buyers in a private placement.

What company ticker symbols are associated with Safe Bulkers?

Safe Bulkers' common stock is listed as SB, with series C and D preferred stocks listed as SB-PC and SB-PD, respectively.