Star Bulk Carriers Corp. Commences Backstopped Equity Rights Offering

Star Bulk Carriers Corp. Commences Backstopped Equity Rights Offering 
ATHENS, GREECE -- (Marketwired) -- 06/21/13 --   Star Bulk Carriers
Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK) announced today
that it has commenced its previously announced equity rights
offering. 
The Company plans to raise gross proceeds of $75.0 million through
the backstopped equity rights offering of 14,018,692 common shares
(the "Offered Shares") only to holders of record of its common shares
(the "Record Date Holders") as of May 15, 2013 (the "Record Date").
The net proceeds are expected to be primarily used for orders for
fuel-efficient drybulk vessels with some of the proceeds being
reserved for working capital and general corporate purposes. 
In connection with this offering, the Company has distributed, at no
charge, to the Record Date Holders one non-transferable subscription
right to purchase the Offered Shares for each common share owned on
the Record Date. The subscription rights will expire, if not
exercised, at 5:00 p.m., New York City time, on July 19, 2013, unless
extended by the Board of Directors (the "Board") of the Company (the
"Expiration Date"). 
For each subscription right, a Record Date Holder will be entitled to
purchase 2.5957 common shares at a subscription price of $5.35 per
share. Record Date Holders are required to submit payment in full for
all of the common shares they wish to buy pursuant to the exercise of
the basic subscription right to the subscription agent, American
Stock Transfer & Trust Company, LLC, by no later than 5:00 p.m., New
York City time, on the Expiration Date. 
The offering is backstopped by investment funds managed by Oaktree
Capital Management L.P. or its affiliates ("Oaktree"), a Los Angeles
based investment firm with approximately $77.1 billion of assets
under management as of December 31, 2012, investment funds managed by
Monarch Alternative Capital LP ("Monarch"), a New York based
investment firm with approximately $5.5 billion of assets under
management, BlueShore Global Equity Fund, L.P., Far View Partners
L.P. and other third party investors and existing shareholders,
including certain of our directors including Ms. Milena Pappas, and
our executive officers, including our Chief Executive Officer, Chief
Financial Officer an
d Chief Operating Officer (collectively, the
"Backstop Investors"). Subject to certain conditions, Oaktree and
Monarch will each have the right to nominate, subject to the approval
of the Company's nominating committee, one director for our Board.  
In consideration for providing its backstop commitment, the Company
has agreed to issue to each Backstop Investor that is not an
affiliate of the Company immediately prior to the completion of the
rights offering a number of additional common shares equal to 3% of
its backstop commitment. In addition, the Company has guaranteed
certain Backstop Investors minimum participation amounts which,
depending on the participation level of the Record Date Holders,
could cause the amount of shares to be issued to increase and the
gross proceeds raised to exceed $75.0 million.  
The Company has commenced mailing an offering subscription package,
including, a copy of the prospectus and other additional materials
related to the rights offering, to the Record Date Holders. The
rights offering is being made only by means of a prospectus. Before
you invest, you should read the prospectus and the registration
statement (SEC Registration No. 333-188281), including each "free
writing prospectus," if any, and all of the documents incorporated by
reference therein and other documents the Company has filed with the
SEC for more complete information about the Company and this
offering. You may obtain these documents for free by visiting EDGAR
on the SEC Web site at www.sec.gov. Alternatively, the Company will
arrange to send you the registration statement, including the
prospectus if you request it by calling the information agent for the
offering, Advantage Proxy Inc., toll-free at 877-870-8565 or if you
are a bank of broker, 206-870-8565.  
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the rights or the underlying common
shares nor shall there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. 
About Star Bulk
 Star Bulk is a global shipping company providing
worldwide seaborne transportation solutions in the dry bulk sector.
Star Bulk's vessels transport major bulks, which include iron ore,
coal and grain and minor bulks, which include bauxite, fertilizers
and steel products. Star Bulk was incorporated in the Marshall
Islands on December 13, 2006 and maintains executive offices in
Athens, Greece. Its common shares trade on the Nasdaq Global Select
Market under the symbol "SBLK." Currently, Star Bulk's fleet consists
of 13 dry bulk carriers, consisting of five Capesize vessels and
eight Supramax vessels and a combined cargo carrying capacity of
1,290,602 deadweight tons and an average age of approximately 10.4
years. 
Forward-Looking Statements
 Matters discussed in this press release
may constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to provide
prospective information about their business. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical
facts.  
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The words "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "may,"
"should," "expect," "pending" and similar expressions identify
forward-looking statements.  
The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, examination by the
Company's management of historical operating trends, data contained
in its records and other data available from third parties. Although
the Company believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections.  
In addition to these important factors, other important factors that,
in the Company's view, could cause actual results to differ
materially from those discussed in the forward-looking statements
include the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and vessel
values, changes in demand for dry bulk shipping capacity, changes in
the Company's operating expenses, including bunker prices, drydocking
and insurance costs, the market for the Company's vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and
 international political conditions, potential disruption
of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see
our filings with the Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and
the Company disclaims any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication. 
Contacts: 
Company:
Simos Spyrou
CFO
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Ag. Konstantinou Av.
Maroussi 15124
Athens, Greece
www.starbulk.com 
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: starbulk@capitallink.com
www.capitallink.com 
 
 
Press spacebar to pause and continue. Press esc to stop.