Excel Maritime (EXM) Amends 2 Credit Facilities; to Receive $45M Equity Infusion by Affiliates of Panayotides Family
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Excel Maritime Carriers Ltd (NYSE: EXM) today announced that, as part of the amendments to its two credit facilities, it has secured all the appropriate covenant waivers in the Nordea Bank Syndicated Facility and the Credit Suisse Bilateral Facility, valid until the beginning of 2011.
Additionally, under the terms of the amended Nordea Bank Syndicated Facility, the Company will also defer principal debt repayments of $150.5 million originally scheduled for 2009 and 2010 to the balloon payment at the end of the facility's term in 2016.
During the waiver and deferral periods, the applicable credit facility margins will increase to 2.5% and 2.25%, for the Syndicated Facility and the Credit Suisse Facility, respectively.
The Nordea Syndicated Facility and the Credit Suisse Bilateral Facility are the only two credit facilities that the Company has currently outstanding.
As part of the loan restructuring, the Company also announced an equity infusion of $45 million by entities affiliated with the Panayotides family, the Company's major shareholders. An aggregate of 25,714,285 Class A shares and 5,500,000 warrants, with an exercise price of $3.50 per warrant, are to be issued in total. The shares, the warrants and the shares issuable on exercise of the warrants will be subject to 12-month lock-ups from March 31, 2009. In this connection, the Company has the option to defer, again to the balloon payment in 2016, additional principal debt repayments in an amount of up to 100% of the equity contributed by the major shareholders during 2009 and 2010.
In addition, the Company announced that it will release its results for the fourth quarter and year ended December 31, 2008 after the closing of the market on Wednesday, April 8, 2009.
On the next day, Thursday, April 9, 2009 at 10:00 A.M. EDT, the company's management will host a conference call to discuss the results.
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