By Devika Patel
Knoxville, Tenn., April 1 - Excel Maritime Carriers Ltd. said it will receive a $45 million equity infusion from entities affiliated with the Panayotides family, its major shareholders.
The company will sell 25,714,285 class A shares and 5.5 million warrants. The warrants are exercisable at $3.50.
The company also announced that it has secured all the appropriate covenant waivers necessary to amend its two credit facilities. The investors are Nordea Bank and Credit Suisse.
The waivers are valid until the beginning of 2011.
The company will defer its $150.5 million principal payments under the amended Nordea Bank syndicated facility to the balloon payment at the end of the facility's term in 2016. The payments were originally scheduled for 2009 and 2010.
During the deferral period, the credit facility margins will increase to 2.5% for the syndicated facility and to 2.25% for the Credit Suisse facility.
These are the only two credit facilities that the company has outstanding.
Excel, located in Athens, is an owner and operator of dry bulk carriers and a provider of seaborne transportation services.
| Issuer: | Excel Maritime Carriers Ltd.
|
| Issue: | Class A stock
|
| Amount: | $45 million
|
| Shares: | 25,714,285
|
| Warrants: | 5.5 million
|
| Warrant strike price: | $3.50
|
| Pricing date: | April 1
|
| Stock symbol: | NYSE: EXM
|
| Stock price: | $4.74 at close April 1
|
| Market capitalization: | $208 million
|
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