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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

FedEx Completes Takeover of TNT Express

US-based FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of Dutch TNT Express, , with integration of the companies to start immediately.   The

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0719 sec (14 req/sec)