UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2014
SAFE BULKERS, INC.
(Translation of registrants name into English)
32 Avenue Karamanli, P.O. Box 70837, 16605 Voula, Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in the Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
EXHIBIT INDEX
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1.
| Press Release dated September 22, 2014: Safe Bulkers, Inc. Enters Into a US $210.0 Million Reducing Revolving Credit Facility Agreement with DNB Bank ASA
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 22, 2014
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| SAFE BULKERS, INC.
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| By:
| /s/ Konstantinos Adamopoulos
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| Name:
| Konstantinos Adamopoulos
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| Title:
| Chief Financial Officer
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Safe Bulkers, Inc. Enters Into a US $210.0 Million Reducing Revolving Credit Facility Agreement with DNB Bank ASA
Athens, Greece September 22, 2014 -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into a US $210.0 million, six-year, reducing revolving credit facility agreement with DNB Bank ASA, secured by ten vessels.
Under the agreement, the Company will be subject to the following financial covenants which will be measured on a consolidated basis:
·
The total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85%.
·
The ratio of the Companys EBITDA1 to its interest expense must be less than 2.0:1 on a trailing 12 month basis.
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The consolidated net worth of the Company (total consolidated assets less total consolidated liabilities) must not be less than $150.0 million.
The new credit facility will be used to finance the acquisition of two previously contracted newbuild vessels, scheduled to be delivered to the Company in 2015, and to replace and prolong an existing credit facility with the same lender, presently secured by eight existing vessels.
The Company intends to finance its newbuild program with cash on hand and bank financing. With this reducing revolving credit facility and the other committed credit facilities, the Company has secured bank financing for twelve out of thirteen newbuild vessels on order.
1 EBITDA is not a recognized measurement under US GAAP and represents net income before net interest expense, income tax expense, depreciation and amortization.
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the worlds largest users of marine drybulk transportation services. The Company's common stock, series B and series C preferred stock is listed on the NYSE, where it trades under the symbols SB, SB.PR.B, SB.PR.C and SB.PR.D, respectively. The Companys current fleet consists of 31 drybulk vessels, all built 2003 onwards, and the Company has agreed to acquire 13 additional drybulk newbuild vessels to be delivered at various times through 2017.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in the Section 21E of the Securities Act of 1934, as amended) concerning future events, the Companys growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as expects, intends, plans, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Companys filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Companys expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Athens, Greece
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com