ATHENS, GREECE--(Marketwire - August 6, 2009) - Excel Maritime Carriers Ltd (NYSE: EXM), an
owner and operator of dry bulk carriers and a provider of worldwide
seaborne transportation services for dry bulk cargoes, announced today that
it has priced its offering to the public of 6,000,000 shares of its Class A
common stock. As part of the offering, the Company has granted the
underwriters an over-allotment option to purchase up to 900,000 additional
shares of the Company's Class A common stock.
The Offered Shares have been priced at $8.00 per share. The net proceeds
from the Offered Shares will be approximately $45.1 million (approximately
$51.9 million if the underwriters exercise in full the over-allotment
option).
The Company expects to use the net offering proceeds for repayment of debt
as well as to build up its committed capital expenditure reserve account,
which the Company may utilize for future capital expenditure requirements.
The joint book running managers for this offering are Citi, Deutsche Bank
Securities Inc. and UBS Investment Bank. Dahlman Rose & Company and DVB
Capital Markets are acting as co-managers.
Copies of the prospectus supplement and accompanying base prospectus
related to this offering may be obtained from: Citi, Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220
(tel: 1-800-831-9146), Deutsche Bank Securities, Attention: Prospectus
Department, 100 Plaza One, Jersey City, NJ 07311 (tel: 1-800-503-4611) and
UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New
York, NY 10171 (tel: 1-888-827-7275).
This news release does not constitute an offer to sell or a solicitation of
an offer to buy the Offered Shares, nor shall there be any sale of the
Offered Shares in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
ABOUT EXCEL MARITIME CARRIERS LTD
Excel 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. Excel owns a fleet of 40 vessels and, together with 7 Panamax
vessels under bareboat charters, operates 47 vessels (5 Capesize, 14
Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total
carrying capacity of approximately 3.9 million DWT. Excel Class A common
shares have been listed since September 15, 2005 on the New York Stock
Exchange (NYSE) under the symbol EXM and, prior to that date, were listed
on the American Stock Exchange (AMEX) since 1998.
Contact Information: Contacts:
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: excelmaritime@capitallink.com
Company:
Eleftherios Papatrifon
Chief Financial Officer
c/o 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