Safe Bulkers greenshoe exercised, lifts 8% preferreds to $57.5 million

By Tali Rackner

Norfolk, Va., May 7 - Underwriters for Safe Bulkers Inc.'s 8% series C cumulative redeemable perpetual preferred shares fully exercised their over-allotment option, adding an additional 300,000 shares, or $7.5 million, according to a news release.

The company sold 2 million, or $50 million, of the $25-par preferreds on April 30. The total issue size is now $57.5 million.

As previously reported, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers.

The Athens-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.

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