Excel Maritime Announces Pricing of $125m Convertible Senior Notes

Friday, October 05, 2007
Excel Maritime Carriers Ltd. (NYSE: EXM) 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).
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Navantia Orders Sedni IAS for PEMEX Flotel

Sedni secures an important contract with Navantia to supply its Automation System (IAS) Diamar for the flotel vessel (BAP) which is being built at Ferrol factory for PEMEX owner.

NOAA Orders Newbuild Navigation Response Boats

NOAA today announced that Lake Assault Boats of Superior, Wisconsin, will build two small vessels for the Office of Coast Survey's navigation response program,

REL to Supply Deep Ocean Mooring Winch System to NOC

Romica Engineering Ltd (REL) have signed a contract with the U.K.’s National Oceanography Center (NOC) to provide a containerized deep ocean mooring winch system.

Finance

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

Transocean: Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service

NOAA Orders Newbuild Navigation Response Boats

NOAA today announced that Lake Assault Boats of Superior, Wisconsin, will build two small vessels for the Office of Coast Survey's navigation response program,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1227 sec (8 req/sec)