Excel Maritime Carriers Announces Closing of $150M Convertible Senior Notes

Thursday, October 11, 2007
Excel Maritime Carriers Ltd. (NYSE: EXM) announced the closing of its offering of $150m 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 recently announced the pricing of $125m aggregate principal amount of the notes subsequent to which, in connection with the closing, the initial purchaser exercised in full its option to acquire an additional $25m of the notes to cover over-allotments. 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. The net proceeds to Excel Maritime from the offering were approximately $145.3m, after deducting the initial purchaser's discount and estimated offering expenses of approximately $4.7m. 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.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Contracts

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Ocean Safety, Richard Irvin Marine Safety Merger

Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1464 sec (7 req/sec)