HAMILTON, Bermuda, June 11, 2013 /PRNewswire/ -- Excel Maritime
Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk
carriers and an international provider of worldwide seaborne
transportation services for dry bulk cargoes, today announced that
it has reached an agreement in principle with a steering committee
of its senior lenders on the terms of a financial restructuring to
strengthen its balance sheet.
Through this agreement, Excel Maritime expects to reduce its
funded indebtedness and enhance its liquidity profile with the
support of its senior lenders as it continues to provide first
class service as a premier provider of dry bulk transportation
services.
Under the terms of the agreement Excel will receive:
- Up to $50 million infusion of
capital as a result of an agreement between the senior lenders and
an entity affiliated with the family of Gabriel Panayotides, Excel
Maritime's Chairman of the Board of Directors. Under the terms of
that agreement the entity affiliated with the family of Mr.
Panayotides will receive a majority of the equity in Excel.
- The release of an additional $30
million of currently restricted cash.
As part of the agreement, the Company's senior lenders' steering
committee has agreed to an extension of the maturity of the
company's senior secured facility through 2018 as well as
significant amortization and covenant relief in line with the
current outlook of the market. The senior lenders will receive an
equity stake in the Company, while current management continues to
operate the business.
"We are pleased to have reached this agreement with our senior
lenders' steering committee," said Mr. Panayotides.
"Like other companies in our industry, Excel Maritime has
been impacted by macro-economic conditions that have led to
volatility and overall declines in charter rates. Securing up
to $80 million of additional
liquidity significantly strengthens our financial profile and
positions Excel Maritime for future growth and success."
"We look forward to maintaining our strong relationships with
charterers, reflecting the Company's superior worldwide fleet
operation and performance. As always, Excel Maritime remains
committed to providing high-quality and efficient seaborne
transportation services to our clients without any interruption in
operations."
Excel and certain of its subsidiaries are commencing
solicitation of senior secured lenders and other creditors in order
to implement the restructuring through a court supervised
prepackaged plan of reorganization.
For more information on the terms of the plan of reorganization
please refer to the report on Form 6-K which the Company has filed.
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy any securities of the
Company.
About Excel Maritime Carriers Ltd.
Excel is an owner
and operator of dry bulk carriers and a provider of worldwide
seaborne transportation services for dry bulk cargoes, such as iron
ore, coal and grains, as well as bauxite, fertilizers and steel
products. Excel currently owns and operates a fleet of 38 vessels
(six Capesize, 14 Kamsarmax, 14 Panamax, two Supramax and two
Handymax vessels), one of which, a Capesize vessel, is owned by a
joint venture in which Excel holds a 71.4% interest, with a total
carrying capacity of approximately 3.6 million DWT. Excel's Class A
common shares have been listed since September 15, 2005 on the New York Stock Exchange
(NYSE) under the symbol EXM and, prior to that date, were listed on
the American Stock Exchange (AMEX) since 1998. For more information
about Excel, please go to its corporate website
www.excelmaritime.com.
Forward-Looking Statements
This press release
contains forward-looking statements (as defined in Section 27A of
the U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended) concerning future
events and Excel's growth strategy and measures to implement such
strategy, including expected vessel acquisitions and entering into
new time charters.
Words such as "will," "should," "expect," "intend," "plan,"
"believe," "anticipate," "hope," "estimate," and variations of such
words and similar expressions, which are predictions of, or
indicate future events and future trends, which do not relate to
historical matters, identify forward-looking statements.
Although Excel believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct.
Shareholders and prospective investors are cautioned not to place
undue reliance on these forward-looking statements.
These statements involve known and unknown risks and are based
upon a number of assumptions and estimates which are inherently
subject to significant uncertainties and contingencies, many of
which are beyond the control of Excel. Actual results may differ
materially from those expressed or implied by such forward-looking
statements (and from past results, performance and achievements).
Factors that could cause actual results to differ materially
include, but are not limited to, changes in demand for dry bulk
vessels, competitive factors in the market in which Excel operates,
risks associated with operations outside the United States, and other factors listed
from time to time in Excel's filings with the U.S. Securities and
Exchange Commission. These forward-looking statements are made as
of the date hereof and are not intended to give any assurance as to
future results. Excel expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein, whether to reflect new
information, changes in events, conditions or circumstances on
which such statements are based, or otherwise.
Contacts:
Media:
Andy Brimmer / Andrew Siegel / Aaron
Palash
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
Investor Relations:
Nicolas Bornozis
Capital Link, Inc.
(212) 661-7566
excelmaritime@capitallink.com
Company:
Pavlos Kanellopoulos
Chief Financial Officer
Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia &
Finikos Street
145 64 Nea Kifisia
Athens, Greece
Tel: 011-30-210-62-09-520
Fax: 011-30-210-62-09-528
E-Mail: ir@excelmaritime.com
www.excelmaritime.com
SOURCE Excel Maritime Carriers Ltd.