Safe Bulkers Issues Notice of Redemption of Series C Preferred Shares

Rhea-AI Summary

Safe Bulkers (NYSE: SB) announced a redemption of 1,492,554 of its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, which have a liquidation preference of $25.00 each. The redemption will take place on April 29, 2022, at a price of $25.00 plus any accrued dividends. After this date, these shares will cease to be outstanding. The full details of the redemption will be communicated to the holders via a Redemption Notice, available through American Stock Transfer & Trust Company.

Positive

• Redemption of 1,492,554 Series C Preferred Shares enhances financial structure.
• Acceleration of preferred share redemption likely improves liquidity.

Negative

• Redemption reduces the total number of outstanding Series C Preferred Shares, potentially impacting market perception.
• Accumulated unpaid dividends may signify cash flow pressures.

MONACO, March 30, 2022 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (“Safe Bulkers”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it is calling for redemption (the “Redemption”) of 1,492,554 of the outstanding 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series C Preferred Shares”). There are currently 2,297,504 issued and outstanding Series C Preferred Shares.

The Series C Preferred Shares will be redeemed on April 29, 2022 (the “Redemption Date”) at a redemption price of $25.00 per Series C Preferred Share plus all accumulated and unpaid dividends to, but excluding, the Redemption Date (the “Redemption Price”). From and after the Redemption Date, all distributions on the Series C Preferred Shares to be redeemed will cease to accumulate, such redeemed Series C Preferred Shares shall no longer be deemed outstanding, and all rights of the holders of such shares will terminate, except for the right to receive the Redemption Price, without interest thereon.

The notice of redemption specifying the terms, conditions and procedures for the Redemption (the “Redemption Notice”) will be mailed to holders of record of Series C Preferred Shares, and is available by contacting American Stock Transfer & Trust Company, LLC (“AST”), the transfer and paying agent for the Series C Preferred Shares, by mail at 6201 15^th Avenue Brooklyn, NY 11219 Attention: Corporate Actions, 1 (800) 937-5449. Questions regarding the Redemption of the Series C Preferred Shares, including the contents of the Redemption Notice, may be directed to AST.

This press release does not constitute a notice of redemption under the Statement of Designation governing the Series C Preferred Shares and is qualified in its entirety by reference to the Redemption Notice issued by Safe Bulkers.

About Safe Bulkers, Inc.

Safe Bulkers 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. Safe Bulkers common stock, Series C preferred stock and Series D preferred stock are listed on the NYSE, where they 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 the Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, Safe Bulkers’ 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 Safe Bulkers 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 Safe Bulkers. 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 Safe Bulkers operates, risks associated with operations outside the United States and other factors listed from time to time in Safe Bulkers’ filings with the Securities and Exchange Commission. Safe Bulkers expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its 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
+357 25 887 200
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 Safe Bulkers' plan for redeeming Series C Preferred Shares?

Safe Bulkers plans to redeem 1,492,554 of its Series C Preferred Shares on April 29, 2022.

When will the Series C Preferred Shares be redeemed by Safe Bulkers?

The redemption of the Series C Preferred Shares is set for April 29, 2022.

What is the redemption price for Safe Bulkers' Series C Preferred Shares?

The redemption price is $25.00 per Series C Preferred Share plus accumulated and unpaid dividends.

What happens to holders of Series C Preferred Shares after redemption?

Post-redemption, holders will no longer have rights related to the shares, except for receiving the redemption price.

How many Series C Preferred Shares remain outstanding after the redemption?

After the redemption of 1,492,554 shares, 804,950 Series C Preferred Shares will remain outstanding.