Drybulk shipper DryShips Inc said it has reached an agreement with Deutsche Bank AG on waiver terms for a $1.125 billion credit facility.
DryShips, which has been battling a debt overload and working with its lenders to obtain covenant waivers, said this facility covers two drillships that are currently under construction.
The company has already received covenant waivers for about $1 billion of its debt.
"We are delivering the waivers as promised and we hope to conclude discussions with the rest of the lenders in the near future," the company's Chief Executive George Economou said in a statement.
Shares of Dryships were trading up 4.6 percent at $7.11 in trading before the bell. They closed at $6.80 Wednesday on the Nasdaq.
DryShips, which has been battling a debt overload and working with its lenders to obtain covenant waivers, said this facility covers two drillships that are currently under construction.
The company has already received covenant waivers for about $1 billion of its debt.
"We are delivering the waivers as promised and we hope to conclude discussions with the rest of the lenders in the near future," the company's Chief Executive George Economou said in a statement.
Shares of Dryships were trading up 4.6 percent at $7.11 in trading before the bell. They closed at $6.80 Wednesday on the Nasdaq.