Quintana Maritime Limited Enters into New $250 Million Revolving Credit Facility
06 October 2005 - 6:45AM
Business Wire
Quintana Maritime Limited (Nasdaq:QMAR) announced today that it has
entered into a $250 million revolving credit facility with
Citigroup Global Markets Limited and the Bank of Scotland as
arrangers. The new credit facility replaces Quintana's term-loan
facility, which would have expired in September 2011. The new
facility has more competitive terms than the existing facility,
affords Quintana significantly more flexibility in its borrowings
and permits it to increase the size of the facility up to $300
million. As a result of entering into the new credit facility,
Quintana will expense in the third quarter $4.6 million of
unamortized loan-financing costs related to its early
extinguishment of the term-loan facility. Paul J. Cornell,
Quintana's Chief Financial Officer, noted, "We are pleased with the
flexibility and advantageous terms of our new credit facility. The
new facility will allow us to finance the acquisition of our two
new Capesize vessels, Kirmar and Iron Beauty, which we expect to be
delivered later this quarter." ABOUT QUINTANA MARITIME LIMITED
Quintana Maritime Limited, based in Greece, is an international
provider of dry bulk cargo marine transportation services. The
company currently owns and operates a fleet of eight Panamax size
vessels with a total carrying capacity of 585,072 dwt and an
average age of approximately 8 years. It has also entered into
agreements to acquire two additional Capesize vessels and upon
delivery its fleet will be comprised of 10 vessels with a total
carrying capacity of 916,072 dwt and an average age of 7.2 years.
FORWARD-LOOKING STATEMENTS This press release contains
forward-looking statements (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events and the Company's growth strategy and measures to implement
such strategy; including expected vessel acquisitions and entering
into further time charters. Words such as "expects," "intends,"
"plans," "believes," "anticipates," "hopes," "estimates," and
variations of such words and similar expressions are intended to
identify forward-looking statements. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations
will prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to changes in the demand for dry bulk vessels, competitive
factors in the market in which the Company operates; risks
associated with operations outside the United States; and other
factors listed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company expressly disclaims
any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based. Visit our website at
www.quintanamaritime.com.
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