Excel Maritime Carriers Ltd. postpones the proposed offering of $250 Million Senior Notes due 2019
News Release
Excel Maritime Carriers, Ltd.
January 29, 2011
ATHENS, GREECE--January 28, 2011 -- Excel Maritime Carriers Ltd. (“Excel” or the
“Company”) (NYSE:EXM) announced today the postponement of its proposed offering of $250
million Senior Notes it announced on January 14, 2011.
Due to the current market conditions, compounded by the recent announcement that Korea Line
Corp (KLC) filed for receivership, the proposed offering has become less attractive than
originally anticipated as a capital raising opportunity for the Company.
The Company considered the proposed offering as an opportunistic approach to take advantage
of the debt capital markets by raising long term unsecured commitments at favorable terms.
The Company will seek to continue its deleveraging strategy by applying its cash generation to
pay down debt and strengthen its Balance sheet and overall liquidity position while employing a
balanced chartering strategy.
“Company”) (NYSE:EXM) announced today the postponement of its proposed offering of $250
million Senior Notes it announced on January 14, 2011.
Due to the current market conditions, compounded by the recent announcement that Korea Line
Corp (KLC) filed for receivership, the proposed offering has become less attractive than
originally anticipated as a capital raising opportunity for the Company.
The Company considered the proposed offering as an opportunistic approach to take advantage
of the debt capital markets by raising long term unsecured commitments at favorable terms.
The Company will seek to continue its deleveraging strategy by applying its cash generation to
pay down debt and strengthen its Balance sheet and overall liquidity position while employing a
balanced chartering strategy.