Safe Bulkers, Inc. (NYSE:SB)
Safe Bulkers, Inc. (NYSE:SB) released the final results of its initially reported exchange offer for any and all of its due 8.00% Series ‘B’ Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 a share, liquidation preference $25 per share of company. The Series ‘B’ does reflect the best dividend/covenant plan, but does that offset pricing?
The Exchange Offer expired on April 5, 2017. Following the Exchange Offer, a total of as many as 1.106 million Series ‘B’ Preferred Shares were genuinely tendered and not correctly withdrawn before the expiration date. Such Series ‘B’ Preferred Shares show 74.46% of the over 1.485 million Series ‘B’ Preferred Shares unpaid.
Safe Bulkers, Inc. (NYSE:SB) has recognized all validly tendered and not correctly withdrawn Series ‘B’ Preferred Stock for exchange, and the payment and exchange of shares of common stock and cash for such validly tendered and accepted Series ‘B’ Preferred Shares is anticipated to occur till April 7, 2017.
The Exchange Offer will lead in a cash payment of over $24.890 million and the release of over 2.212 million shares of common stock to holders of Series ‘B’ Preferred Shares. After the settlement of the Exchange Offer, as many as 379,514 stock of the Series ‘B’ Preferred Shares will remain unpaid.
In the last trading session, the stock price of Safe Bulkers, Inc. (NYSE:SB) jumped more than 15% to close the day at $2.41.
|Last Price a/o 3:21 PM EST||$2.41|
|Market Cap (mlns)||$ 246.49M|
|Shares Outstanding (mlns)||102.28M|
|Share Float (mlns)||1.69%|
|Short Interest Ratio||1.20|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.