August 21, 2014

Transaction includes transfer of 29.9 million shares of Star Bulk common stock, and a $231 million secured bridge loan facility.

Excel Maritime Carriers Ltd entered into definitive agreements with Star Bulk Carriers Corp. under which Star Bulk will acquire 34 operating vessels from Excel for $288.39 million in cash and 29.917 million shares of Star Bulk common stock.  The closings on the 34 secondhand drybulk carriers will occur on a vessel-by-vessel basis, and are expected to be completed by the end of 2014.

It is expected that Star Bulk will use cash on hand, together with borrowings under a new $231 million secured bridge loan facility extended to it by entities affiliated with the Star Bulk’s largest shareholder, Oaktree Capital Management, L.P. and entities affiliated with Angelo Gordon & Co.,  both of which are current Excel shareholders, to pay the cash portion of the transaction.

The Willkie team includes partners Rosalind Fahey Kruse, William Hiller, Todd Cosenza and Hillel Jacobson, associates Johnson Atkinson, Julian Golay, Daniel Philion, Albert Powers, III and Adam Remo.