Safe Bulkers waives condition to exchange offer for series B preferreds

By Marisa Wong

Morgantown, W.Va., March 31 – Safe Bulkers, Inc. said on Thursday that it waived a condition to its previously announced exchange offer for any and all of its outstanding 8% series B cumulative redeemable perpetual preferred shares.

The company waived the condition that would have permitted it to terminate the offer, and not accept for exchange any series B preferreds, if the market price for its common stock on the New York Stock Exchange as of the close of trading on the expiration date increases by more than 25%, as measured from the close of trading on the trading day immediately prior to March 9, the commencement date of the exchange offer.

The company previously amended the exchange offer to add a non-waivable condition that completion of the exchange offer will not result in the delisting of the series B preferreds from the NYSE. The amendment also clarified some other conditions, the company said on March 20.

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Tendered preferreds may be withdrawn at any time prior to the expiration of the offer.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