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Safe Bulkers holders exchange 74% of 8% series B perpetual preferreds
By Susanna Moon
Chicago, April 6 – Safe Bulkers, Inc. said investors had tendered for exchange 1,106,254, or 74.46%, of its 1,485,768 outstanding 8% series B cumulative redeemable perpetual preferred shares.
In exchange, Safe Bulkers will pay $24,890,715 and issue 2,212,508 shares of common stock, according to a company notice on Thursday.
After settlement on April 7, there will be 379,514 shares of the series B preferreds left outstanding.
The exchange offer ended at 11:59 p.m. ET on April 5.
As announced March 9, holders who chose to exchange their series B preferreds will receive, for each preferred share, $22.50 in cash and 2 newly issued shares of common stock.
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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