Safe Bulkers Prices Public Offering Of 5.00 Mln Shares At $7.43/shr

(RTTNews) - Safe Bulkers Inc. (SB), an international provider of marine drybulk transportation services, announced Wednesday that it has priced its public offering of 5.00 million shares of its common stock at $7.43 per share.

The company expects that the gross proceeds from the Public Offering before the underwriting discount and other offering expenses will be about $37.2 million.

The company has also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of the Common Stock.

Concurrently with the Public Offering, the company said it is also selling through a private placement 1.00 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 gross total proceeds from the Public Offering and the concurrent Private Placement are expected to be about $44.6 million.

The company noted that 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.