Dryships, Nordea Bank Agreement
DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced on Feb. 9 that it has reached preliminary agreement with Nordea Bank Finland Plc to obtain a covenant waiver in connection with the $800m Primelead facility, which was used to partially finance the acquisition of Ocean Rig ASA. As of today, the outstanding loan amount under the facility is $650m. In accordance with the main terms of the waiver: (i) the company will pay a restructuring fee of 0.15% on the outstanding loan amount under the facility plus an amount equal to 1.00% per annum on the loan outstanding for the period from January 9…
Dryships 3Q Results
On November 2, DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2008. Dryships reported Net Income of $180m or $4.21 per fully diluted share for the third quarter of 2008. Included in the third quarter results is a capital gain on the sale of two vessels of $65.8m or $1.54 per fully diluted share and a non-cash loss of $36.8m or $.86 per fully diluted share associated with the valuation of interest rate swaps. Excluding these items Net Income would amount to $151m or $3.53 per fully diluted share. For the third quarter of 2008 the company reported EBITDA, excluding vessel gains, of $194.2m.
