MONACO, October 01, 2021 (GLOBE NEWSWIRE) – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of dry bulk shipping services, today announced that the Company has entered into a new $ 60.0 million credit facility with a term of five-year guarantee with five vessels, including a $ 30.0 million term loan tranche and a revolving credit facility tranche providing for up to $ 30.0 million drawdown capacity, decreasing from its fourth year. This agreement represents the Company’s first sustainable development credit facility and incorporates an incentive discount on the interest rate, linked to independently verified pre-determined emissions targets.
The proceeds of the credit facility will refinance the credit facilities with the same financial institution of an outstanding term loan tranche of $ 71.1 million and a revolving credit facility tranche with drawing capacity. of $ 6.5 million, currently secured by six vessels and maturing in 2024, five of which will secure the new credit facility and one of which will remain debt-free. The Company does not intend to use the full capacity of the declining portion of the revolving credit facility at this time. The agreement contains financial covenants consistent with the Company’s existing loan and credit facilities.
Dr. Loukas Barmparis, Chairman of the Company, said: “This is a new deleveraging measure, while at the same time the Company strengthens its balance sheet and maintains its financial flexibility through existing cash reserves and unused revolving credit facilities. We expect that by the end of the year, if the charter market continues to perform well, we will achieve a leverage ratio that we consider optimal.
About Safe Bulkers, Inc.
The Company is an international provider of dry bulk shipping services, transporting bulk cargoes, particularly coal, grain and iron ore, along global shipping routes for some of the world’s largest users of shipping services. dry bulk sea transport. The common shares of the Company, the Series C preferred shares and the Series D preferred shares are listed on the New York Stock Exchange and trade under the symbols “SB”, “SB.PR.C” and “SB.PR .D ”, respectively.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events, the Company growth strategy and measures to implement this strategy, including expected vessel acquisitions and completion of other on-time charters. Words such as “expects”, “intention”, “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 these forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. These statements involve known and unknown risks and are based on a number of assumptions and estimates which 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 these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in demand for dry bulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside of United States and other factors listed from time to time in documents filed by the Company with the Securities and Exchange Commission. The Company expressly disclaims any obligation or commitment to publish any update or revision of any forward-looking statement contained herein to reflect any change in the Company’s expectations in this regard or any change in the events, conditions or circumstances on which a statement is based.
For more information please contact:
Company details :
Dr Loukas Barmparis
Safe Bulkers, Inc.
Phone. : +30 2 111 888 400
Fax: +30 2 111 878 500
Email: [email protected]
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230, avenue du Parc, office 1536
New York, New York 10169
Phone. : (212) 661-7566
Fax: (212) 661-7526
E-mail: [email protected]