Following the completion of the Public Offering on 09/02/2022, the Board of Directors of Safe Bulkers announces that the revenue of the Public Offering amounts to € 100 million. The issuance costs are estimated at approximately € 2.5 million (including VAT). A.) and will be deducted from the total funds raised. The funds raised, less the costs of issuing the common bond loan, amounted to a net amount of € 97.5 million.
The above net raised funds will be used starting from the date of commencement of trading of the Bonds, for the acquisition of the Acquired Ships within a maximum period of one hundred and thirty two (132) calendar days from the date of commencement of trading of the Bonds. for the delivery of the Acquired Ships, which extension will not exceed 31.07.2022 according to the commitment of the Administrations of the Issuer and the Guarantor.
Particularly:
a) amount of $ 25.2 million (or approximately € 22.3 million) will be available from the wholly (100%) Subsidiary of Stalem Shipping Corporation to the wholly (100%) Subsidiary of Guarantor Kyotofriendo Two Shipping Corporation for the purchase of the vessel Koulitsa 2,
b) an amount of $ 22.4 million (or approximately € 19.8 million) will be allocated from the wholly (100%) Subsidiary of Napalem Shipping Corporation to the wholly (100%) Subsidiary of the Guarantor Kyotofriendo One Shipping Corporation “for the purchase of the ship Paraskevi 2,
c) an amount of $ 36.0 million (or approximately € 31.8 million) will be allocated from the wholly (100%) Subsidiary of Kastrolem Shipping Corporation to the wholly (100%) Affiliate of Guarantor Shikokuexi Shipping Inc. ” for the purchase of the ship Troodos Air,
d) an amount of $ 27.0 million (or approximately € 23.9 million) will be allocated from the wholly (100%) Subsidiary of the Company “Vaslem Shipping Corporation” to the wholly (100%) Subsidiary of the Guarantor “Armonikos Shipping Corporation “for the purchase of the Venus Harmony.
The above prices result from the valuations of the Acquired Ships and do not include additional costs. The conversion of the above purchase prices into Euros is indicative and for informational purposes, it has been done based on the exchange rate EUR / USD (1 Euro = 1,131 Dollars (Refinitiv, 20.01.22) and may differ from the exchange rate on the date of realization. shopping.
The Issuer undertakes to allocate the purchase price of the Acquired Ships to its Subsidiaries through a share capital increase of the Subsidiaries of Stalem Shipping Corporation, Napalem Shipping Corporation, Kastrolem Shipping Corporation and Vaslem Shipping Corporation. Upon the completion of the acquisition of the Acquired Ships, the Acquired Ships will belong entirely to (100%) Subsidiaries of the Issuer, which the latter will consolidate in its financial statements in accordance with IFRS. and will prepare consolidated financial statements.
If the market equity of the Redemption Ships in Euros or after the conversion of Euros into US Dollars. and the aforementioned disposition, are still net of funds raised, especially in the event of an extreme change in the EUR / USD exchange rate with a significant fall of the US Dollar. against the Euro, this will be used until exhaustion and in any case within eighteen (18) months from the Date of Issuance of the Bond Loan, to cover the working capital of the Issuer.
In case of partial coverage of the Code, the pumped, after deducting the issuance costs, will be used as a priority for the acquisition of the Acquired Ships based on the above series a), b), c) and d). Any missing amount for the repayment of the total price for the purchase of the Redemption
Ships from US Dollar Aid against the Euro or from partial coverage of the Joint Bond Loan, the Management of the Guarantor undertakes to cover it, through an increase of the share capital of the Issuer, a 100% Subsidiary of the Guarantor, by decision of the General Meeting of the Issuer Of this Board and / or through a loan from the Issuer.
The estimated purchase price of the Acquired Ships is $ 110.6 million (or approximately € 97.8 million)
It is also noted that the Guarantee Group intends to use the funds from the sale of the Acquired Ships to the Issuer to service lending and / or repurchase of preferred shares and / or working capital and / or acquisition of new vessels and / or general partnerships.
aims.
The funds raised from the Joint Bond Loan, until their full disposal, will remain deposited in the Issuer’s bank accounts in US Dollars. or in Euros at the choice of the Issuer.
After the end of the Public Offering and before the start of trading of the Bonds in the Regulated Market of the ATHEX, the Management of the Company, in case of partial coverage of the issue of the Bond Loan, undertakes to inform the ATHEX, as well as the Commission Capital Market, regarding the final configuration of the destination of the funds and of each specific investment program financed by them, based on the coverage of the issuance of the Bond Loan.
The Company will inform the ATHEX. and the Hellenic Capital Market Commission, in accordance with the current legislation, articles 4.1.2 and 4.1.3.9 of the ATHEX Regulations, as well as the decisions 25 / 06.12.2017 of the BoD. of ATHEX and 8/754 / 14.4.2016 of the BoD. of the Hellenic Capital Market Commission, as in force, regarding the use of the raised funds from the issuance of the Common Bond Loan until the final disposal of the raised funds.
In addition and more specifically, the Company undertakes that for any modifications of the use of the raised funds, as well as for any additional relevant information will comply with the provisions of article 22 of Law 4706/2020, as in force from its entry into force and will informs the investing public, the shareholders, the Hellenic Capital Market Commission and the ATHEX Board of Directors, in accordance with the provisions of the Hellenic Capital Market legislation.
The investing public is informed about the disposal of the raised funds through the ATHEX website. and the Company.
The ATHEX Markets Admission and Operations Committee during the meeting of 26.01.2022 approved the admission to trading in the Fixed Income Securities Category of the Regulated Market of the ATHEX. up to 100,000 Bonds, subject to the approval of the Prospectus by the Hellenic Capital Market Commission and the successful completion of the Public Offer of the Issuer’s Bonds.
The Issuer informs that the Bonds are in intangible form and will be credited to the Shares and Securities Accounts held by each beneficiary in the Intangible Securities System, according to the information stated during its participation in the Cover Application. The final registration of the Bonds in the Securities Accounts of the beneficiaries in the Intangible Securities System will be completed on 11.02.2022.
The bargaining code of the Bond is in Latin font “SBB1”. The starting price of the Company’s Bonds is € 1,000 per Bond, ie 100% of its nominal value.
Source: Capital
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