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Transportation

Safe Bulkers Raising Cash (SB)

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By Jon C. Ogg Updated Published
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Safe Bulkers, Inc. (NYSE: SB) is raising cash.  The shipping player in dry bulk transport services plans to offer 5 million common shares of its common stock. 

Morgan Stanley and BofA Merrill Lynch are the joint book-running managers and Evercore Partners is co-manager in the deal.  The underwriters will also get a 750,000 share overallotment option in the underwriting.

The company said that the proceeds will be used to acquire new vessels, capital expenditures, and other general corporate purposes such as paying down debt.

At $9.26 as of yesterday’s closing bell, the 52-week trading range is $6.50 to $9.78.  The $46 million implied in proceeds compares to a market cap of $610 million before the effects of any offering.

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JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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