Safe Bulkers, Inc. refinances $ 70 million in loan

MONACO, June 21, 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 credit facility of $ 70.0 million with a five-year term, comprising a term loan tranche of $ 30.0 million and a declining revolving credit facility tranche providing for a drawdown capacity of up to 40 , $ 0 million, in respect of seven vessels. The agreement contains financial covenants consistent with the Company’s existing loan and credit facilities.

The proceeds of the credit facility will refinance loan facilities of $ 64.3 million on eight vessels maturing in 2023, seven 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 portion of the revolving credit facility at this time.

The refinancing transaction has been assessed and approved by the Board of Directors of the Company, excluding an independent member of the Board of Directors of the Company, who acts as Chairman and Chief Executive Officer of the financial institution lending to the operation.

As of March 31, 2021, we had $ 607.6 million in debt outstanding. As a result of voluntary early debt repayments and debt repayments related to the sale of ships or debt refinancing totaling $ 106.9 million, expected principal repayments of $ 4.5 million dollars and drawings of $ 30.5 million, as of June 18, 2021, we had outstanding debt of $ 526.7 million. . On a pro forma basis as a result of this refinancing and assuming there is no drawdown on the revolving credit facility, we will have outstanding debt of $ 500.2 million and availability of $ 67.5. million dollars under our revolving credit facilities.

Dr Loukas Barmparis, Chairman of the Company, said: “We are continuing our strategy of gradually deleveraging our company and increasing the revolving credit facility component of our debt, which provides greater flexibility and lower costs. ‘lower overall interests, targeting lower leverage as we continue to renew our fleet with modern, fuel-efficient new or used tonnage from major Japanese shipyards that will replace older or Chinese-built vessels.

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 Company’s common shares, Series C preferred shares and 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.

Forward-looking statements

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 new 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 over time. on 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
President
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 Park Avenue, Suite 1536 New York, NY 10169
Phone. : (212) 661-7566
Fax: (212) 661-7526
E-mail: [email protected]