ATHENS, GREECE--(Marketwire - October 3, 2007) - Excel Maritime Carriers Ltd. (NYSE: EXM)
today announced the pricing of its offering of $125,000,000 aggregate
principal amount of Convertible Senior Notes due 2027 to qualified
institutional buyers in accordance with Rule 144A under the Securities Act
of 1933. Excel Maritime also granted the initial purchaser of the notes an
option to purchase up to an additional $25,000,000 aggregate principal
amount of notes solely to cover over-allotments, if any. The issuance of
the notes is expected to close on October 10, 2007.
If certain conditions are met, the notes will be convertible into cash,
shares of Excel Maritime's Class A common stock or a combination of cash
and Class A common stock, at Excel Maritime's option.
The notes will pay interest semiannually at a rate of 1.875% per annum. The
notes will be convertible at a base conversion rate of approximately
10.9529 shares of Class A common stock per $1,000 principal amount of
notes. The initial conversion price is set at $91.30 per share. There is
also an incremental share factor of 5.4765 shares of Class A common stock
per $1,000 principal amount of notes.
Excel Maritime estimates that the net proceeds from the offering of notes
will be approximately $121.3 million after deducting the initial
purchaser's discount and estimated offering expenses (approximately $145.7
million if the initial purchaser exercises in full the over-allotment
option).
Excel Maritime plans to use the net proceeds from the note offering for
general corporate purposes, which may include potential vessel acquisitions
and repayment of debt.
This notice does not constitute an offer to sell or the solicitation of an
offer to buy securities. Any offers of the securities will be made only by
means of a private placement memorandum. The notes and the shares of Excel
Maritime's Class A common stock issuable upon conversion have not been, and
will not be, registered under the Securities Act or the securities laws of
any other jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.
About Excel Maritime Carriers Ltd.
The Company is an owner and operator of dry bulk carriers and a provider of
worldwide seaborne transportation services for dry bulk cargoes, such as
iron ore, coal and grains, as well as bauxite, fertilizers and steel
products. The Company's current fleet consists of 16 vessels (ten Panamax
and six Handymax vessels) with a total carrying capacity of 965,249 dwt. In
addition, the company has agreed to acquire two Supramax vessels, expected
to be delivered to the Company within the fourth quarter 2007. Upon
delivery of these vessels the Company will have a fleet of 18 vessels (ten
Panamax, two Supramax and six Handymax vessels) with a total carrying
capacity of 1,074,022 deadweight tons. The Company was incorporated in 1988
and its common stock had been listed on the American Stock Exchange (AMEX)
since 1998. As of September 15, 2005 Excel Maritime is listed on the New
York Stock Exchange (NYSE), trading under the symbol EXM. For more
information about the Company, please go to our corporate website
www.excelmaritime.com.
Forward-looking Statements
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Excel Maritime to
be materially different from any future results, performance or
achievements expressed or implied in such forward-looking statements.
Important factors that could cause actual results to differ materially from
the results expressed or implied in such forward looking statements include
the risk that the notes offering is not timely consummated or is not
consummated at all. Additional discussion of factors that could cause
actual results to differ materially from management's projections,
estimates and expectations is contained in the Company's Annual Report on
Form 20-F for the fiscal year ended December 31, 2006 and the other
documents Excel Maritime files with the SEC from time to time. Excel
Maritime undertakes no duty to update its forward-looking statements.
Contact Information: Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10160, USA
Tel: (212) 661-7566
Fax: (212) 661-7526
E-Mail: nbornozis@capitallink.com
www.capitallink.com
Company:
Christopher Georgakis
Chief Executive Officer
Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia & Finikos Street
145 64 Nea Kifisia
Athens, Greece
Tel: 011-30-210-62-09-520
Fax: 011-30-210-62-09-528
E-Mail: info@excelmaritime.com
www.excelmaritime.com