Excel Maritime shareholders approve amendment clearing the way for acquisition of Quintana

By Lisa Kerner

Charlotte, N.C., April 1 - Excel Maritime Carriers Ltd. said its shareholders voted to approve an amendment to the company's restated articles of incorporation allowing for a change in the structure and composition of Excel's board of directors.

The amendment was a condition to the closing of the proposed merger between Excel and Quintana Maritime, Ltd., according to an Excel news release.

In January, Excel agreed to acquire Quintana in a cash and stock deal valued at $2.45 billion, or $26.48 per share.

Under the companies' definitive merger agreement, Quintana shareholders will receive $13.00 cash per share and 0.4084 of a share of Excel class A common stock per share of Quintana common stock, it was previously reported.

The exchange ratio will be adjusted if the average closing price of Excel's class A common stock exceeds $45.00 per share during the 15-trading-day period ending before the effective date of the merger.

Once the merger is complete, Quintana will become a wholly owned subsidiary of Excel, a prior news release stated.

Excel said it received a financing commitment for $1.4 billion from a syndicate of banks led by Nordea Bank Finland plc, London Branch. Nordea will act as agent for the transaction. Deutsche Bank and Nordea are the joint bookrunners.

Excel, located in Athens, is an owner and operator of dry bulk carriers and a provider of seaborne transportation services.

Quintana, based in Glyfada, Greece, is a provider of dry bulk cargo marine transportation services.

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