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Saturday, October 1, 2016

Excel Maritime Announces Pricing of $125m Convertible Senior Notes

October 5, 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).


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