DryShips Re-state Amended US$1.9-Billion Credit Agreement
From HQ in Athens, Greece, DryShips Inc. announce that through its majority owned subsidiary Ocean Rig, and its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Drillships Projects Inc., have entered into an Amendment and Restatement Agreement to the Credit Agreement dated as of July 12, 2013. “We are pleased with the successful closing of this important transaction which extends Ocean Rig’s debt maturities. We effectively refinanced the short-term tranche of the Term Loan B Facility with a fungible add-on to the long-term tranche.
Dryships Announces $1.8B Term Loan Facility
DryShips Inc. (NASDAQ: DRYS) through its majority owned subsidiary, Ocean Rig UDW Inc., announced that Ocean Rig, through its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Dr illships Projects Inc., entered into a $1.8 billion senior secured term loan facility, comprised of tranche B-1 term loans in an aggregate principal amount equal to $975.0 million (“Tranche B-1 Term Loans”) and tranche B-2 term loans in an aggregate principal amount equal to $825.0 million (“Tranche B-2 Term Loans” and, together with the Tranche B-1 Term Loans, the “Term Loans”), with respective maturity dates in the first quarter of 2021, subject to adjustment to the third quarter of 2020 in certain circumstances, and the third quarter of 2016.
FMC Motion for Reconsideration Denied
The Federal Maritime Commission (FMC) issued an order denying petitioners Projects, Inc. and Ports, LLC motion to file a reply memorandum and denying a motion for reconsideration in the complaint against various parties including South Carolina State Ports Authority (SCSPA). An earlier order had determined that SCSPA was an arm of the State of South Carolina and entitled to sovereign immunity. The Commission also granted the motion of SCSPA to be removed as a party from the case caption. Docket No. 99-16 Source: HK Law
