Contact Information: Contacts: Company: George Syllantavos CFO Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 7 Fragoklisias Str. Maroussi 15125 Athens, Greece www.starbulk.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: starbulk@capitallink.com www.capitallink.com
Star Bulk Carriers Corp. Announces Extension of Warrant Expiration Date and Planned Registered Exchange Offer for Outstanding Warrants
| Source: Star Bulk Carriers Corp.
ATHENS, GREECE--(Marketwire - November 25, 2009) - Star Bulk Carriers Corp. (the "Company" or
"Star Bulk") (NASDAQ : SBLK ), today announced that it has extended the
expiration date of its 5,916,150 outstanding warrants to purchase shares of
common stock, par value $0.01 per share, of the Company (the "Existing
Warrants") which were formerly scheduled to expire at 5 p.m. New York City
time on December 15, 2009. The Existing Warrants are listed on the Nasdaq
Global Market and trade under the symbol "SBLKW." Each Existing Warrant
currently entitles the holder to purchase one share of common stock at an
exercise price of $8.00 per share. The new expiration date for the
Existing Warrants is set at 5 p.m. New York City time on March 15, 2010.
All of the other terms of the Existing Warrants remain unchanged.
The Company also announced its intention to conduct a registered exchange
offer (the "Exchange Offer") for outstanding warrants whereby each Existing
Warrant will be eligible to be exchanged for a new warrant to purchase one
share of common stock of the Company at an exercise price per share to be
determined at a future date and with an expiration date of March 15, 2011.
Warrant holders may elect to exchange their Existing Warrants for New
Warrants upon payment to the Company of a purchase price per warrant to be
determined by the Company. If not exchanged, Existing Warrants will expire
worthless at 5 p.m. New York City time on March 15, 2010. The complete
terms of the Exchange Offer will be disclosed in a registration statement
on Form F-4 and Schedule to be filed with the U.S. Securities and Exchange
Commission. Directors of the Company currently own an aggregate of
1,132,500 of the Existing Warrants.
Prior to or upon the commencement of the planned exchange offer, the
Company intends to file a registration statement on Form F-4 and Schedule
TO with the U.S. Securities and Exchange Commission. These documents will
set forth the complete terms and conditions of the Exchange Offer and
holders of the Existing Warrants are urged to read these documents when
they become available as they will contain important information. These
documents will be available at the U.S. Securities and Exchange Commission
website, http://www.sec.gov, and will also be made available by the Company
free of charge.
This news release is for informational purposes only and is not an offer to
buy or the solicitation of an offer to sell any securities of Star Bulk
Carriers Corp. The Exchange Offer will be made only pursuant to the
Exchange Offer documents described above.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne
transportation solutions in the drybulk sector. Star Bulk's vessels
transport major bulks, which include iron ore, coal and grain and minor
bulks such as bauxite, fertilizers and steel products. Star Bulk was
incorporated in the Marshall Islands on December 13, 2006 and maintains
executive offices in Athens, Greece. Its common stock and warrants trade on
the Nasdaq Global Market under the symbols "SBLK" and "SBLKW" respectively.
Currently, Star Bulk has an operating fleet of twelve drybulk carriers. The
total fleet consists of four Capesize, and eight Supramax dry bulk vessels
with an average age of approximately 10.1 years and a combined cargo
carrying capacity of 1,106,253 deadweight tons.
Forward-Looking Statements
The information in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include, but are not limited to,
statements regarding: (1) the delivery and operation of assets of Star
Bulk; (2) Star Bulk's future operating or financial results; (3) future,
pending or recent acquisitions, business strategy, areas of possible
expansion, and expected capital spending or operating expenses; (4) drybulk
market trends, including charter rates and factors affecting vessel supply
and demand; (5) the planned exchange offer; and (6) other statements
identified by words such as "anticipate," "believe," "plan," "estimate,"
"expect," "intend," "should," "may," or words of similar meaning.
Such forward-looking statements are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including without
limitation, Star Bulk's examination of historical operating trends, data
contained in their records and other data available from third parties.
Although Star Bulk believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, Star Bulk cannot assure you that Star
Bulk will achieve or accomplish these expectations, beliefs or projections.
Important factors that could cause actual results to differ materially from
those discussed in the forward-looking statements include the failure of a
seller to deliver one or more vessels, the strength of world economies and
currencies, general market conditions, including changes in charterhire
rates and vessel values, changes in demand that may affect attitudes of
time charterers to scheduled and unscheduled drydocking, changes in Star
Bulk's operating expenses, including bunker prices, dry-docking and
insurance costs, or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and international
political conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists. Additional factors
that could cause Star Bulk's results to differ materially from those
described in the forward-looking statements can be found in Star Bulk's
Annual Report on Form 20-F for the year ended December 31, 2008,
Registration Statement on Form F-3 filed in September 2008 as amended, in
Registration Statement on Form F-3 filed in January 2009 as amended, and
reports on Form 6-K filed with the Securities and Exchange Commission (the
"SEC") and available at the SEC's Internet site (http://www.sec.gov). The
information set forth herein speaks only as of the date hereof, and Star
Bulk disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of this
communication.