Excel Refiles Shelf Registrations to Issue Shares, Senior Notes
Excel Maritime Carriers Ltd. (EXM), a transporter of raw commodities including iron ore and coal, said its shelf-registration statements yesterday were restatements of June 2008 filings.
“These registration statements will replace existing shelf registration statements in order to ensure the continued availability of shelf registration statements to the holders of the notes and the named selling shareholders, respectively,” Nicolas Bornozis, an Excel spokesman who works for Capital Link Shipping, said in an e-mail today.
One filing yesterday said that shareholders including former Chief Executive Officer Stamatis Molaris may sell 2.58 million shares. The shares would be worth $22.2 million based on the May 8 average price of $8.60, Athens-based Excel said in the filing. The company did not provide a timetable for the sales.
A second SEC filing said the shipowner would issue $150 million of 1.875 percent senior notes due 2027. The notes are convertible to common stock.
The earlier registration statements will be withdrawn soon, Bornozis said.
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