Dryships $325M Bridge Loan Facility

Tuesday, December 07, 2010

DryShips Inc. (NASDAQ: DRYS) announced that its subsidiary, Drillships Hydra Owners (the owning company of the Ocean Rig Corcovado), has signed a commitment letter with an international lender for a $325m Senior Secured Bridge Loan Facility.

Under the terms of this facility which is expected to be executed no later than December 31, 2010, the loan is to be utilized in one single drawdown to fund the delivery installment of the Ocean Rig Corcovado (Hull 1837) scheduled for delivery from Samsung Heavy Industries in January 2011. The bridge loan has a maturity of six months after the drawdown date.

Mr. George Economou, Chairman and CEO of DryShips Inc., said: “We are pleased to announce the commitment letter for a $325 million bridge facility to finance the delivery of our first drillship reflecting the options available to the company for financing the rigs. This facility provides the company with the required flexibility to pursue the best option for long term financing.”

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Statoil, DNV GL Drive Subsea Factory Interface Standardization

Statoil has entered into an agreement with DNV GL to establish an industrial cooperation to introduce an international industry standard for subsea process technology.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1069 sec (9 req/sec)