Safe Bulkers to sell 1 million common shares to Vorini in placement

By Devika Patel

Knoxville, Tenn., March 15 - Safe Bulkers, Inc. said it plans a private placement of stock with Vorini Holdings Inc., its controlling shareholder.

The company will sell 1 million common shares to Vorini at the same price per share as the stock it plans to sell in a concurrent public offering of 9 million shares.

The company plans to use the proceeds for vessel acquisitions, for capital expenditures and for other general corporate purposes, including debt repayment.

Safe Bulkers is an Athens, Greece-based company whose subsidiaries provide marine drybulk transportation services.

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