Excel Secures Banks’ Agreement to the Extension of its Equity Raising Commitment and the Waiver of Certain Covenants
News Release
Excel Maritime Carriers, Ltd.
October 2, 2012
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.19298"></HEAD>
<BODY>
<DIV>
<P align=left></P>
<P><B><FONT size=3>ATHENS, GREECE – October 1, 2012 </P></B></FONT><FONT size=3
face=Calibri,Calibri><FONT size=3 face=Calibri,Calibri>
<P>Excel Maritime Carriers Ltd. (NYSE: EXM) ("Excel") announced today that it
has agreed with its lenders under its $1.4bn syndicated credit facility to
effectively extend, subject to certain conditions, its equity raising commitment
through December 31, 2012 and waived certain covenants. </P>
<P>In addition, on October 1, 2012, Excel exercised its option to defer the
instalment of $24.3mn due on that date. </P>
<P>Pavlos Kanellopoulos, Chief Financial Officer, commented:
</FONT></FONT><I><FONT size=3 face=Calibri,Calibri><FONT size=3
face=Calibri,Calibri>"The Company has a supportive banking group with which we
will continue to work cooperatively over the next months. Our vessels remain 90%
covered for 2012 and 25% for 2013 and we continue to effectively manage our
fleet through the broad industry downturn with competitive operations. All these
actions should position the Company well for when the shipping market eventually
recovers." </P></I></FONT></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.19298"></HEAD>
<BODY>
<DIV>
<P align=left></P>
<P><B><FONT size=3>ATHENS, GREECE – October 1, 2012 </P></B></FONT><FONT size=3
face=Calibri,Calibri><FONT size=3 face=Calibri,Calibri>
<P>Excel Maritime Carriers Ltd. (NYSE: EXM) ("Excel") announced today that it
has agreed with its lenders under its $1.4bn syndicated credit facility to
effectively extend, subject to certain conditions, its equity raising commitment
through December 31, 2012 and waived certain covenants. </P>
<P>In addition, on October 1, 2012, Excel exercised its option to defer the
instalment of $24.3mn due on that date. </P>
<P>Pavlos Kanellopoulos, Chief Financial Officer, commented:
</FONT></FONT><I><FONT size=3 face=Calibri,Calibri><FONT size=3
face=Calibri,Calibri>"The Company has a supportive banking group with which we
will continue to work cooperatively over the next months. Our vessels remain 90%
covered for 2012 and 25% for 2013 and we continue to effectively manage our
fleet through the broad industry downturn with competitive operations. All these
actions should position the Company well for when the shipping market eventually
recovers." </P></I></FONT></FONT></DIV></BODY></HTML>