Safe Bulkers adds condition to exchange offer for series B preferreds

By Marisa Wong

Morgantown, W.Va., March 20 – Safe Bulkers, Inc. said it amended its previously announced exchange offer for any and all of its outstanding 8% series B cumulative redeemable perpetual preferred shares.

The company is adding a non-waivable condition that completion of the exchange offer will not result in the delisting of the series B preferreds from the New York Stock Exchange. The amendment also clarifies some other conditions, the company said.

The exchange offer began on March 9 and is set to expire at 11:59 p.m. ET on April 5 and to settle on April 7.

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 prior press release.

Tendered preferreds may be withdrawn at any time prior to the expiration of the offer.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