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Safe Bulkers Participations: Completion of disbursement of funds raised from the issuance of KOD

May 16, 2022
6:06 PM

All the funds raised from the issuance of a Common Bond Loan were provided by Safe Bulkers Participations PLC.

In particular, as Safe Bulkers Participations PLC announced today. The company on 16.05.2022 made available funds raised in the total amount of € 14.05 million. for the completion of the purchase of the Paraskevi 2 ship with the partial payment of the price, after deducting the paid advance according to the announcement of the Company dated 18.02.2022.

More specifically, for the completion of the purchase of the ship Paraskevi 2, the Company paid in Euros the remaining net amount of funds raised from the issuance of the Joint Bond Loan, amounting to € 14.05 million under the Memorandum of Understanding between the entire (100%) Subsidiary of the Company “Napalem Shipping Corporation” and the wholly (100%) Subsidiary of the Guarantor “Kyotofriendo One Shipping Corporation”. The above amount was allocated through an increase in the share capital of the subsidiary “Napalem Shipping Corporation” which acquired the ship Paraskevi 2.

Following the above disposal, it is announced that the Company disbursed in accordance with term 2 of the Common Bond Loan all the funds raised.

In particular, it is announced that in accordance with the decisions of the Board of Directors of the Company dated 17.02.2022, 11.04.2022, 19.04.2022, 27.04.2022 and 16.05.2022, the funds raised amount to one hundred million euros (€ 100,000,000), minus An amount of two million and five hundred and ninety thousand euros (€ 2.59 million), which concerns issuance costs, were allocated in their entirety until 16.05.2022 as follows:

Safe Bulkers Participations: Completion of disbursement of funds raised from the issuance of KOD — 1 The amount in Euros per year, for each of the acquired ships Troodos Air, Venus Harmony and Koulitsa 2, is obtained after conversion from US dollars. of the amount resulting from the valuations carried out by two (2) specialized independent appraisers. The conversion of the purchase prices into Euros for Troodos Air, Venus Harmony and Koulitsa 2 has been done based on the EUR / USD exchange rate on the dates mentioned in the respective announcements of the Company. The amount in Euros for the Paraskevi 2 under acquisition relates to the remaining amount available for the proceeds of the Joint Bond Loan raised after deduction of issue costs and the purchase of Troodos Air, Venus Harmony and Koulitsa 2.

The Company completed the disposal of the raised funds in accordance with the commitments stated in the relevant Prospectus approved by the Hellenic Capital Market Commission and their placement is final.

Source: Capital

Donald Westbrook

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