Safe Bulkers offers to exchange series B preferreds for cash, stock

By Marisa Wong

Morgantown, W.Va., March 9 – Safe Bulkers, Inc. said it has begun an exchange offer for any and all of its outstanding 8% series B cumulative redeemable perpetual preferred shares.

Holders who choose to exchange their series B preferreds will receive, for each preferred share, $22.50 in cash and 2 newly issued shares of common stock, according to a press release.

The exchange offer is set to expire at 11:59 p.m. ET on April 5 and is expected to settle on April 7.

Tendered preferreds may be withdrawn at any time prior to the expiration of the offer.

American Stock Transfer & Trust Co., LLC is the exchange agent. D.F. King (800 370-1749) is the information agent.

Safe Bulkers, Inc. provides marine drybulk transportation services. The company is based in Monaco.

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