Excel Maritime Carriers Ltd. Announces Proposed Offering of $250 Million Senior Notes due 2019

News Release Excel Maritime Carriers, Ltd. January 14, 2011

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ATHENS, GREECE--January 14, 2011 -- Excel Maritime Carriers Ltd.
(“Excel” or the
“Company”) (NYSE:EXM) announced today its intention to issue,
subject to market and other
conditions, approximately $250 million aggregate principal amount
of Senior Notes due 2019 to
qualified institutional buyers in accordance with Rule 144A under
the Securities Act of 1933, as
amended, and to persons outside the United States under Regulation
S.
Excel plans to use the net proceeds from the note offering to
repay approximately $240 million
of indebtedness outstanding under its secured revolving credit
facility and the remaining portion
for general corporate purposes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any
securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such
an offering, solicitation or sale would be unlawful. The offering
will be made only to qualified
institutional buyers in accordance with Rule 144A under the
Securities Act of 1933, as amended
(the "Securities Act") and non-U.S. persons in accordance with
Regulation S promulgated under
the Securities Act. The securities to be offered have not been
registered under the Securities Act,
or any state securities laws, and unless so registered, may not be
offered or sold except pursuant
to an effective registration statement or an exemption from, or in
a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. This press
release is being issued pursuant to and in accordance with Rule 135c under
the Securities Act.</DIV></BODY></HTML>