Excel, Quintana merge dry bulk fleets

Shareholders of Quintana Maritime Ltd. have approved a merger with Excel Maritime Carriers in a cash and stock deal,

Under terms of the deal, Quintana shareholders will receive $13 in cash and just over 0.4 of an Excel share for each Quintana share they hold, in a deal that the companies said was valued at $2.45 billion when it was announced.

Both firms are based in Athens and the deal will merge two large dry bulk fleets. Excel operates a fleet of 18 ships and Quintana operates 29.

Excel also said today it executed a senior secured credit facility in connection with its acquisition of Quintana, and that the arrangers of the credit facility have successfully syndicated more than 60 percent of their commitments. The credit facility comprises a $1 billion term loan and a $400 million revolving loan. 

Source: American Shipper