Excel Maritime talks $250 million eight-year notes with 9½% yield

By Paul A. Harris

Portland, Ore., Jan. 24 - Excel Maritime Carriers Ltd. talked its $250 million offering of eight-year senior notes (Caa1/B-/) with a 9½% yield on Monday, according to a market source.

The deal is set to price on Tuesday.

Deutsche Bank Securities and Citigroup are the joint bookrunners for the Rule 144A and Regulation S deal.

The notes come with four years of call protection.

Proceeds will be used to repay about $240 million of revolving credit facility debt and for general corporate purposes.

Excel is an Athens, Greece-based owner and operator of dry bulk carriers and a provider of seaborne transportation services for dry bulk cargoes.

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