DryShips Inc. Receives Firm Commitments For Two Senior Secured Credit Facilities Of Up To An Aggregate Of $125.0 Million And Announces A Vessel Sale
Athens, Greece - December 27, 2017
DryShips Inc. (NASDAQ:DRYS) (“DryShips”or the “Company”), a diversified owner of ocean going cargo vessels, today announced the following transactions:
• The Company has received two firm commitments for senior secured credit facilities of up to an aggregate of $125.0 million from two commercial lenders. The facilities will be secured by the Company’s four tanker vessels and two Kasmarmax and one Panamax drybulk vessels and will have a tenor of five and six years, respectively. Both facilities will bear an interest rate of LIBOR plus margin, will be repayable in quarterly installments and will have customary financial covenants. The facilities remain subject to definitive documentation.
• The Company has sold its 2001 built Panamax vessel, the Ecola, to an unaffiliated buyer for total gross proceeds of $8.5 million. The vessel is scheduled for prompt delivery to the buyer.
Mr. George Economou, the Company’s Chairman and Chief Executive Officer, commented: “This year has been transformational for DryShips. We continue to execute on our business plan with the support of our lenders, which is a testament to the strength of the Company’s balancesheet.”
About DryShips Inc.
The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers, 1 of which is expected to be delivered in January 2018; and (viii) 6 offshore support vessels, including 2 platform supply and 4 oil spill recovery vessels.
DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.” Visit the Company’s website at www.dryships.com
DryShips Inc. press release