Safe Bulkers to price series D cumulative redeemable preferred stock

By Stephanie N. Rotondo

Phoenix, June 23 – Safe Bulkers Inc. is planning an offering of series D cumulative redeemable perpetual preferred shares, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners. DNB Markets is the co-manager.

Dividends are payable on the 30th day of January, April, July and October, beginning Oct. 30. The company can redeem the preferreds on or after June 30, 2019 or in connection with a fundamental change at par plus accrued dividends.

The company intends to list the preferreds on the New York Stock Exchange under the ticker symbol “SBPPD.”

Proceeds will be used to fund a new building program and for other general corporate purposes.

Safe Bulkers is an Athens, Greece-based marine drybulk transportation company.

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