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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