Safe Bulkers, Inc. Announces Expansion of Common Stock Repurchase Program and Adoption of Preferred Stock Repurchase Program
March 19 2020 - 9:00AM
Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international
provider of marine drybulk transportation services, announced today
that it has authorized the expansion of the previously announced
share repurchase program with respect to 5,000,000 shares to
6,500,000 shares of the Company’s common stock. As of March 16,
2020, the Company has repurchased 3,093,035 shares of the Company’s
common stock under the pre-existing share repurchase program and
3,406,965 shares of the Company’s common stock remain available for
repurchase under the expanded share repurchase program. If the
maximum number of shares of the Company’s common stock are
purchased pursuant to the repurchase program, it would represent
approximately 3.3% of the shares of the Company’s outstanding
common stock and 6.6% of its public float.
The Company also announced today that it has
authorized a share repurchase program under which it may from time
to time in the future purchase up to 100,000 shares of 8.00% Series
C Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value
per share, liquidation preference $25.00 per share (the “Series C
Preferred Shares”) and up to 100,000 shares of 8.00% Series D
Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value
per share, liquidation preference $25.00 per share (the “Series D
Preferred Shares”). As of the date hereof, the Company has
outstanding 2,300,000 shares of Series C Preferred Shares and
3,200,000 shares of Series D Preferred Shares.
The program does not obligate the Company to
purchase shares of the Company’s common stock or preferred stock
and the program may be modified or terminated at any time without
prior notice. Any such purchases will be made in the open market in
compliance with applicable laws and regulations, and purchases of
the Company’s common stock on the open market will be conducted
within the safe harbor provisions of Regulation 10b-18 under the
Securities Exchange Act of 1934, as amended. The purchases will be
funded using the Company’s existing cash resources.
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 world’s largest users of marine drybulk
transportation services. The Company’s common stock, series C
preferred stock and series D preferred stock are listed on the
NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”,
respectively.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events, the Company’s 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 that 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 Company’s 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 Company’s 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
BarmparisPresident Safe Bulkers, Inc.Athens, GreeceTel.: +30 2 111
888 400Fax: +30 2 111 878 500E-Mail: directors@safebulkers.com
Investor Relations / Media
Contact:Nicolas Bornozis, PresidentCapital Link, Inc.230
Park Avenue, Suite 1536New York, N.Y. 10169Tel.: (212) 661-7566Fax:
(212) 661-7526E-Mail: safebulkers@capitallink.com
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