MONACO, June 21, 2021 (GLOBAL INFO) – Safe Bulkers, Inc. (The “Company”) (NYSE: SB), an international provider of sea freight services, announced today that the Company has entered into a $ 70.0 million five-year credit facility consisting of a tranche of a term loan of 30 , $ 0 million and a tranche of a dwindling revolving credit line with a capacity of up to $ 40.0 million for seven vessels. The agreement contains financial covenants in accordance with the Company’s existing loans and credit lines.
The proceeds from the line will be used to refinance a $ 64.3 million line of credit for eight vessels maturing in 2023, seven of which will secure the new line of credit and one of which will remain debt-free. The company does not currently intend to use the full capacity of the revolving credit line tranche.
The refinancing transaction was evaluated and approved by the Board of Directors of the Company, with the exception of an independent member of the Board of the Company, who is the chief executive officer of the financial institution that is the lender of the transaction.
As of March 31, 2021, we had an outstanding amount of USD 607.6 million. After voluntary early debt repayments and debt repayments in connection with the sale of ships or debt refinancing totaling US $ 106.9 million, planned principal payments of US $ 4.5 million and the use of a loan of US $ 30.5 million As of June 18, 2021, the outstanding debt amounted to USD 526.7 million. … On a provisional basis, following this refinancing and assuming no use of the revolving credit facility, we will have an outstanding debt of US $ 500.2 million and a US $ 67.5 million available under our revolving credit facilities.
Dr. Lucas Barmparis, President of the company, said: “We are continuing our strategy of gradually reducing our Company’s leverage and increasing the revolving credit line component of our debt, which provides more flexibility and reduces total interest expense while focusing on a lower debt burden. as we continue to upgrade our fleet with modern, energy efficient new buildings or used tonnages from leading Japanese shipyards that will replace older or Chinese-built ships. “
About Safe Bulkers, Inc.
The company is an international dry bulk transport service provider, transporting bulk cargoes such as coal, grain and iron ore on global routes for some of the world’s largest dry bulk users. The Company’s common shares, C series preferred shares and D series preferred shares are listed on the NYSE and traded 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 in Section 21E of the Stock Exchange Act of 1934, as amended) regarding future events, the Company’s growth strategy and measures to implement such a strategy. including pending ship acquisitions and subsequent time charters. Words such as “expects,” “intends,” “plans,” “believes,” “expects,” “hopes,” “estimates,” and variations on such words and similar expressions are intended to indicate forward-looking statements. While the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot be guaranteed that such expectations will prove to be true. These statements involve known and unknown risks and are based on a number of assumptions and estimates that by their nature are subject to significant uncertainties and unforeseen circumstances, many of which are beyond the control of the Company. Actual results could differ materially from those expressed or implied in such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry cargo vessels, factors of competition in the market in which the Company operates, risks associated with operations outside the United States and other factors, listed at the specified time. time on Company documents to the Securities and Exchange Commission. The Company expressly disclaims any obligation or obligation to issue any updates or corrections to any forward-looking statements contained in this document to reflect any changes in the Company’s expectations regarding them or any changes in the events, conditions or circumstances on which any statement.
For more information contact:
Contact person of the company:
Dr. Lucas Barmparis
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
Investor Relations / Media Contacts:
Nicholas Bornozis, President, Capital Link, Inc.
230 Park Avenue, Suite 1536 New York, NY 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526