Safe Bulkers Announces Public Stock Offering, Concurrent Private Placement

(RTTNews) - Safe Bulkers, Inc. (SB), said Tuesday that it plans to offer 5 million shares of its common stock to the public.

In connection with the public offering, the company plans to grant the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock.

Concurrently with the public offering, the company is also selling through a private placement 1 million shares of its common stock to Bellapais Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price.

The company said it plans to use the net proceeds of the public offering and private placement for vessel acquisitions, capital expenditures and for other general corporate purposes, which may include repayment of indebtedness.