Safe Bulkers' 8% cumulative redeemable preferreds admitted to NYSE

By Stephanie N. Rotondo

Phoenix, May 9 - Safe Bulkers Inc.'s 8% series C cumulative redeemable perpetual preferred stock listed on the New York Stock Exchange on Friday, according to a market source.

The $50 million deal priced April 30. On Wednesday, the company said its $7.5 million greenshoe had been exercised in full.

The ticker symbol is "SBPC."

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

Dividends are 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 Athens, Greece-based provider of drybulk transportation services is using proceeds for vessel acquisitions, capital expenditures and other general corporate purposes, which may include paying down debt.

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