DryShips Inc. has announced that it has withdrawn its previously announced public offering of $ 700 million of its senior secured notes due to current market conditions, the company said in its press release.
George Economou, the Company’s Chairman and Chief Executive Officer commented: “The current market conditions have led us to conclude that our offering of the Senior Secured Notes was not in the best interests of the Company. We continue to work on our plan to re - finance the $700 million, 5% Convertible Notes that are maturing on December 1, and we have earlier today signed the firm commitment letter from ABN for the Bridge Facility of up to $350 million, which now only remains subject to final documentation. This, together with cash in hand and the previously announced Nordea refinancing which would result in about $100 million of net proceeds , considerably narrows our actual funding gap and provides a clear path forward that makes us confident we will be able to refinance our convertible notes in a timely manner.”
About DryShips
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 drill ing units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to Ocean Rig during 2015, 1 of which is scheduled to be delivered to Ocean Rig during 2016 and 2 of which ar e scheduled to be delivered during 2017. DryShips owns a fleet of 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of approximately 4.3 million tons, and 10 tankers, comprising 4 Suezmax and 6 Afram ax, with a combined deadweight tonnage of over 1.3 million tons. DryShips’ common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “DRYS.”