Dryships announces deleveraging transaction and vessel sale
DryShips Inc. , an international owner of drybulk carriers and offshore support vessels, has reached an agreement with Sifnos Shareholders Inc. to convert $8.75 million of outstanding principal amount under the previously announced Secured Revolving Facility Agreement to 3.5 million preferred shares, the company said in its press release.
Each preferred share will have 100,000 votes. In addition, Sifnos has agreed to provide a 90 day waiver of any defaults under its Revolver.
On September 9, 2016, Dryships delivered to its new owners the MV Coronado for a gross price of $4.25 m illion. All of the net proceeds from the sale were used to pay down the relevant loan facility.
DryShips Inc. is an owner of drybulk carriers and offshore support vessels that operate worldwide. DryShips owns a fleet of 19 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1. 4 mil- lion tons, and 6 offshore supply vessels, comprised of 2 platform supply and 4 oil spill recovery vessels.