Safe Bulkers: Expansion of Common Stock Repurchase Program; Adoption of Preferred Stock Repurchase Program

Safe-Bulkers-Venus-Heritage

Safe Bulkers, an international provider of marine drybulk transportation services, announced that it has authorized the expansion of the previously announced share repurchase program with respect to 5,000,000 shares to 6,500,000 shares of the Company’s common stock.

As of March 16, 2020, the Company has repurchased 3,093,035 shares of the Company’s common stock under the pre-existing share repurchase program and 3,406,965 shares of the Company’s common stock remain available for repurchase under the expanded share repurchase program. If the maximum number of shares of the Company’s common stock are purchased pursuant to the repurchase program, it would represent approximately 3.3% of the shares of the Company’s outstanding common stock and 6.6% of its public float.

The Company also announced today that it has authorized a share repurchase program under which it may from time to time in the future purchase up to 100,000 shares of 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation preference $25.00 per share (the “Series C Preferred Shares”) and up to 100,000 shares of 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation preference $25.00 per share (the “Series D Preferred Shares”). As of the date hereof, the Company has outstanding 2,300,000 shares of Series C Preferred Shares and 3,200,000 shares of Series D Preferred Shares.

The program does not obligate the Company to purchase shares of the Company’s common stock or preferred stock and the program may be modified or terminated at any time without prior notice. Any such purchases will be made in the open market in compliance with applicable laws and regulations, and purchases of the Company’s common stock on the open market will be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. The purchases will be funded using the Company’s existing cash resources.

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