Safe Bulkers plans offering of cumulative redeemable preferred stock

By Stephanie N. Rotondo

Phoenix, April 30 - Safe Bulkers Inc. will sell series C cumulative redeemable perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers.

Dividends will be payable on the 30th day of January, April, July and October, beginning July 30.

The preferreds become redeemable at par plus accrued dividends on or after May 31, 2019.

The company will apply to list the new preferreds on the New York Stock Exchange.

The Athens, Greece-based provider of drybulk transportation services will use the proceeds for vessel acquisitions, capital expenditures and other general corporate purposes, which may include paying down debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.