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Issue #586 | Latin America Trade | Canada Ports

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Latin America Trade

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2014 Media Kit
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Dryships Inc. Announces Receipt Of An Up To $350 Million Secured Bridge Loan Facility

By: | at 01:11 PM | Channel(s): Breakbulk & Projects  

DryShips Inc. an owner of tonnage working in bulk and offshore oil sectors secured the receipt of a firm commitment letter for an up to $350 million secured bridge loan facility, to partially refinance its 5.00% convertible bond maturing December 1, 2014. ABN AMRO Bank N.V. is the Lead Arranger and has committed to $200 million in this facility. The facility will be secured by Ocean Rig shares owned by DryShips, is subject to final documentation and certain covenants, will mature 12 months from the drawdown date as such period may be extended by the lenders for up to 12 months and is subject to mandatory prepayment in certain events.

George Economou, Chairman and CEO, commented:

“We are delighted to receive a firm commitment from ABN AMRO, which is a testament of the company’s strong and long lasting relationship with the bank and a clear sign of the support DryShips is enjoying from the banking industry. This is a major milestone towards the completion of the convertible bond refinancing. We are confident that the remaining cash required to fully refinance the convertible bond will be raised prior to the bond’s maturity.”

DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, one of which is scheduled to be delivered to the Company during 2015, one of which is scheduled to be delivered during 2016 and 2 of which are scheduled to be delivered during 2017. DryShips owns a fleet of 43 drybulk carriers (including newbuildings), comprising 13 Capesize, 28 Panamax and 2 Supramax, with a combined deadweight tonnage of about 4.6 million tons, and 10 tankers, comprising 6 Suezmax and 4 Aframax, with a combined deadweight tonnage of over 1.3 million tons.