B+H Ocean Carriers Authorizes Stock Repurchase and Refinances Loan Facility.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- B+H Ocean Carriers B+H Ocean Carriers (OSE: BHOC, AMEX: BHO) is an international shipping company that operates seven bulk ships, seven product tankers and two chemical tankers. Based in Hamilton, Bermuda it also has offices in Oslo, Singapore, Bristol and New York. Ltd. (Amex: BHO BHO Browser Helper Object BHO Bundeshaushaltsordnung BHO Barack Hussein Obama BHO Bhopal, India (airport code) BHO British History Online BHO Banjo Hangout (website) BHO Battle Handover ) today announced that its board of directors authorized the company to repurchase up to 10% of its common shares. BHO said it plans to buy shares on the open market from time to time, depending on market conditions. The Company also announced that it had received a commitment to refinance its $102,000,000 term loan facility and replace it with a $138,000,000 revolving term loan facility, subject to completion of definitive documentation and closing. The additional funds would be applied toward the financing of the Company's recent acquisition of M/V M/V Motor Vehicles M/V Motor Vessel M/V Merchant Vessel ROGER M JONES and the acquisition of M/T M/T Me Too M/T Metric Ton M/T Motor Transport M/T Military Transport M/T measurement ton (US DoD) CHALLENGE EXPRESS (to be renamed SAGAMORE sag·a·more n. A subordinate chief among the Algonquians of North America. [Eastern Abenaki s  ) scheduled for delivery within 2005. The Company said its borrowing cost (for the new loan and for its other loan) had been significantly reduced. It also said that it had negotiated a suspension of the Loan-to-Value covenant for the next three years reflecting the fixed rate employment of its vessels. The Company expects to complete the refinancing by the end of October, 2005, subject to the usual risks of finalizing definitive documentation and closing. About B+H Ocean Carriers Ltd. The Company is engaged in the business of owning and operating product tankers and combination carriers. The Company intends to continue its vessel acquisition program to expand its presence in its two current sectors of the tanker market: combination carriers capable of transporting both wet and dry bulk cargoes, and refined petroleum product carriers; however, there can be no assurance that the Company will be able to purchase any of such vessels on favorable terms or at all. The Company currently owns a fleet of six Medium Range product tankers and five Combination Carriers, and expects to complete the acquisition of a Panamax tanker (M/T SAGAMORE), by the end of 2005. All of the Company's ships are fixed on long-term time charters which varied in original length of term from one to five years. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements contained in this press release, including, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," and words of similar import, constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases, regarding the Company's financial and business prospects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, those set forth in the Company's Annual Report and filings with the Securities and Exchange Committee. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained or incorporation by reference The method of making one document of any kind become a part of another separate document by alluding to the former in the latter and declaring that the former shall be taken and considered as a part of the latter the same as if it were completely set out therein. herein to reflect future events or developments. For further information, including the Company's Annual Report on Form 20F, access the Company's website: www.bhocean.com |
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