Dryships, Covenant Waiver & Load Deferral

Thursday, February 05, 2009

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced on Feb. 3 that it has reached an in principle agreement with Piraeus Bank, to restructure its two loan facilities in the original aggregate principal amount of $220m with current outstanding $164.9m.

As part of the restructuring, caused in large part by the failure of certain buyers to conclude the agreed purchase of three vessels, the basic terms will provide for: a waiver regarding financial and asset coverage covenants through January 1, 2011; an increased applicable margin; an amendment fee; rescheduling the loan principal amortization by reducing the principal repayments by about 47% and 21% in 2009 and 2010, respectively, and reducing the tenor of the loan. The agreement is preliminary and is subject to execution of definitive documents, providing, inter alia, for substantial reduction of the loan should the three vessels be disposed, and formal approval by Piraeus Bank’s Credit Committee.

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Marorka Opens Offices in Copenhagen

Marorka announced it is currently expanding following a substantial injection of funds. The expansion plan was approved and Marorka will extend its worldwide network in 2014.

DP World Mulls Senegal Free Zone

DP World  is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2101 sec (5 req/sec)