DryShips Announces Comprehensive Refinancing, De-Leveraging and Strategic Repositioning
DRYSHIPS (DRYS)
US:NASDAQ Investor Relations:
dryships.irwebpage.com/ir.html
Company Research
Source: Marketwire
ATHENS, GREECE -- (Marketwired) -- 12/15/16 -- DryShips Inc. (NASDAQ: DRYS) (the "Company"), an international owner of drybulk carriers and offshore support vessels, announced today that, subject to definitive documentation, it has reached an agreement with Sifnos Shareholders Inc. ("Sifnos"), an entity controlled by our Founder and Chairman Mr. Economou, for the refinancing of the majority of its outstanding debt under a virtue of a new senior secured revolving facility ("New Revolver"). Under the terms of the New Revolver, Sifnos will extend a new loan of up to $200.0 million secured by all of the Company's present and future assets except the MV Raraka which will continue to be financed by its existing commercial lender. The new loan will carry an interest rate of Libor plus 5.5%, is non-amortizing, has a tenor of 3 years, has no financial covenants and will be arranged at a cost of 2.0%. In addition, Sifnos will have the ability to participate in realized asset value incr
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