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Safe to rake in $70m
Safe Bulkers will generate gross proceeds of at least $70m from its latest capital markets cash drive, the company said.
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Found an interesting story?
Safe to rake in $70m
Safe Bulkers will generate gross proceeds of at least $70m from its latest capital markets cash drive, the company said.
The New York-listed bulker owner said after today’s market close that it priced the offering of 2.8 million shares at $25 per share with an 8% payout.
The sale of the Series D shares is expected to close Monday.
However, the gross proceeds estimate does not include underwriters’ 30-day options for 420,000 additional shares aimed at covering over allotments.
The fund-raising effort is aimed at funding the Athens-based company’s 13-ship newbuilding programme as well as paying down debt.
Morgan Stanley and UBS are joint
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