Safe Bulkers announces $20 million preferred share repurchase program

By Angela McDaniels

Tacoma, Wash., Nov. 24 – Safe Bulkers, Inc. has authorized a $20 million preferred share repurchase program, according to a company news release.

Eligible for the program are the company’s 8% series B cumulative redeemable perpetual preferreds, 8% series C cumulative redeemable perpetual preferreds and 8% series D cumulative redeemable perpetual preferreds.

As of Nov. 24, there were $40 million, or 1.6 million shares, of series B preferred stock, $57.5 million, or 2.3 million shares, of series C preferred stock and $80 million, or 3.2 million shares, of series D preferred stock outstanding.

Any purchases made under the program will be made in the open market and funded with existing cash resources.

Safe Bulkers is an Athens-based provider of marine drybulk transportation services.

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