Our firm advised the Joint Coordinators and Bookrunners (Piraeus Bank, Alpha Bank S.A., and Euroxx Securities S.A.) in connection with bond issuance of €100,000,000 by Safe Bulkers PLC, with the guarantee of its parent company, Safe Bulkers Inc., an international shipping company engaged in seaborne transportation of a wide range of dry bulk cargo, including iron ores, coal, cereals, as well as other raw materials. The proceeds will be primarily used for the expansion of its fleet, currently consisting of 39 vessels, by acquisition of 4 dry bulk cargo vessels.
Safe Bulkers Inc. was the third international shipping company in less than 12 months to launch a bond issuance in the Greek market. The offering received an enthusiastic response from the investors by being nearly two times oversubscribed and priced at 2.95%, at the lower end of the interest rate.
Our financial Regulation and Capital Markets team was led by our Partner Alexandra Kondyli assisted by Senior Associate Eleana Rouga and Associate Iliana Ioannou. Our Banking and Finance team was led by our Partner Nikos Fragos assisted by Senior Associate Zissis Papazissis. Our Partner George Minoudis advised on the Greek tax law matters of the transaction.