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Liberty Mutual Group Inc. Announces Extension of Consent Payment Deadline and Expiration Date for Consent Solicitation for the 2010 Safeco Notes
Posted by: gurufocus (IP Logged)
Date: December 15, 2008 12:07PM

Press Release: Liberty Mutual Group Inc. Announces Extension of Consent Payment Deadline and Expiration Date for Consent Solicitation for the 2010 Safeco Notes SAFE BULKERS is an international provider of marine drybulk transportation services transporting bulk cargoes particularly grain iron ore and coal along worldwide shipping routes for some of the world?s largest consumers of marine drybulk transportation services. SAFE BULKERS INC has a market cap of $212.01 million; its shares were traded at around $5.26 . The dividend yield of SAFE BULKERS INC stocks is 48.84%. More on SB: Gurus buys and sells of SB 10-year financial history of SB. Insider buys/sells of SB.

Press Release:

BOSTON, Dec. 9 /PRNewswire/ -- Liberty Mutual Group Inc. ("Liberty Mutual"), a wholly owned subsidiary of Liberty Mutual Holding Company Inc., announced today that it has extended to 5:00 p.m., New York City time, on December 10, 2008 (as extended, the "Consent Payment Deadline"), and to 5:00 p.m., New York City time, on December 17, 2008 (as extended, the "Expiration Date"), on behalf of Safeco Corporation ("Safeco"), a wholly owned subsidiary of Liberty Mutual, the Consent Payment Deadline and Expiration Date relating to the solicitation of consents from all holders of Safeco's 4.875% Senior Notes due 2010 (the "2010 Safeco Notes"). The Consent Payment Deadline was scheduled to be 5:00 p.m., New York City time, on December 9, 2008, and the Expiration Date was scheduled to be 5:00 p.m., New York City time, on December 16, 2008.

As of 5:00 p.m., New York City time, on December 9, 2008, Liberty Mutual had received consents from holders of approximately $88,036,000 of principal amount of the 2010 Safeco Notes in connection with the consent solicitation.

Holders of 2010 Safeco Notes who desire additional information about the consent solicitation should contact Global Bondholder Services Corporation, the information agent for the consent solicitation at (866) 540-1500. This news release is neither an offer to purchase nor a solicitation of an offer to sell any securities.

Forward-Looking Statements

All statements in this press release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements.

Furthermore, the ability to complete the consent solicitation referred to in this press release is dependent on the state of the markets at the time of the consent solicitation, and the acceptability of the terms of the consent solicitation to the holders of the 2010 Safeco Notes. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise any forward-looking statements contained in this press release.

About Liberty Mutual

Boston-based Liberty Mutual Holding Company Inc. ("LMG" or the "Company"), the parent corporation of the Liberty Mutual Group of entities, is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2007 direct written premium. The Company also ranks 94th on the Fortune 500 list of largest corporations in the United States based on 2007 revenue. As of December 31, 2007, LMG had $94.742 billion in consolidated assets, $82.376 billion in consolidated liabilities, and $25.961 billion in annual consolidated revenue.

LMG, through its subsidiaries and affiliated companies, offers a wide range of property-casualty insurance products and services to individuals and businesses alike. In 2001 and 2002, the Company formed a mutual holding company structure, whereby the three principal mutual insurance companies, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance Company of Wausau, each became separate stock insurance companies under the ownership of Liberty Mutual Holding Company Inc.

Functionally, the Company conducts its business through four strategic business units: Personal Markets, Commercial Markets, Agency Markets and International. Each business unit operates independently of the others and has dedicated sales, underwriting, claims, actuarial, financial and certain information technology resources. Management believes this structure allows each business unit to execute its business strategy and/or to make acquisitions without impacting or disrupting the operations of the Company's other business units.

As of September 30, 2008, LMG employs more than 45,000 people in more than 900 offices throughout the world. For a full description of the Company's business operations, products and distribution channels, please visit Liberty Mutual's Investor Relations web site at www.libertymutual.com/investors.

Source: PRNewsWire More on SB: Gurus buys and sells of SB 10-year financial history of SB. Insider buys/sells of SB.


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