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Athens, Greece, October 1, 2014
DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”) announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company expects to use the net proceeds of the offering to refinance, in part, the Company’s outstanding $700 million aggregate principal amount of 5% Convertible Senior Notes due December 1, 2014. The Notes will be secured by first priority liens on certain shares of common stock of the Company’s subsidiary, Ocean Rig UDW Inc., owned by DryShips, plus certain additional or replacement collateral.
The Notes will be issued in minimum denominations of $1,000.00 and in tegral multiples of $1,000.00 in excess thereof. Sterne, Agee & Leach Inc. will act as sole book-running manager for the offering. DNB Markets, Inc. and Cowen and Company, LLC will act as co-managers for the offering. When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Sterne, Agee & Leach, Inc., Prospectus Department, 277 Park Avenue, New York, New York 10172, email: syndicate@stern eagee.com. You may also obtain these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A shelf registration statement relating to the Notes was filed with the SEC and is effective. The offering may be made only by means of a prospectus supplement and accompanying base prospectus.
About DryShips
DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semi submersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to Ocean Rig during 2015, 1 of which is scheduled to be delivered to Ocean Rig during 2016 and 2 of which are scheduled to be delivered during 2017. DryShips owns a fleet of 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of approximately 4.3 million tons, and 10 tankers, comprising 4 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.3 million tons. DryShips’ common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “DRYS.”
DryShips Inc. press release
