Represented Excel Maritime Carriers Ltd., a major publicly traded shipping company, listed on the New York Stock Exchange, in connection with a $150 million Rule 144A offering of 1.875% convertible senior notes that was underwritten by Deutsche Bank Securities as sole book-running manager. The deal won the “Equity-Linked Award” category in the Marine Money 2007 Deal of the Year Awards.
The notes are convertible into shares of Class A common stock of Excel Maritime Carriers Ltd. and feature a base conversion price of approximately $91.30 per share. Noteholders may surrender their notes for conversion at any time after April 15, 2014; prior to such time, the notes may only be converted subject to certain specific conditions. Furthermore, on certain dates in the future, the issuer may elect to redeem the notes for cash and the noteholders may require the issuer to repurchase their notes for cash. The holders also have registration rights.
A Seward & Kissel team, consisting of partners Gary J. Wolfe and Robert E. Lustrin, counsel Anthony Tu-Sekine, and associate Eric S. Wu represented Excel Maritime Carriers Ltd. in this transaction.
