DryShips Inc. Announces Exercise of Over-allotment Option by Underwriter and Closes Offering of $240 Million Convertible Senior Notes
Athens, Greece, April 27, 2010 – DryShips Inc. (NASDAQ: DRYS) (the “Company” or
“Dryships”), a global provider of marine transportation services for drybulk cargoes and offshore
contract drilling oil services, today announced that in connection with its previouslyannounced
offering of $220 million aggregate principal amount of convertible senior notes due
2014, the underwriter has exercised in full its over-allotment option granted by the Company and
has purchased an additional $20 million aggregate principal amount of convertible notes on the
same terms on which the $220 million convertible were sold to the underwriter. The convertible
notes were offered as additional notes under an indenture, as supplemented by a supplemental
indenture, pursuant to which the Company issued $460,000,000 aggregate principal amount of
convertible senior notes on November 25, 2009. The Company also announced that the closing
of the convertible notes offering and the over-allotment option took place simultaneously today.
Accordingly, $240 million in aggregate principal amount of convertible notes have been sold by
the Company to the underwriter, resulting in aggregate net proceeds to the Company of
approximately $241 million which includes $5.06 million in accrued interest from November 25,
2009. Deutsche Bank Securities Inc. acted as the sole book-running manager for the offering.
Concurrently with the offering of the convertible notes, the Company delivered 10 million shares
of its common stock to Deutsche Bank AG, London Branch (“Deutsche Bank AG”) pursuant to a
share lending agreement. Deutsche Bank AG or its affiliates intend to sell shares of the
Company’s common stock that they are entitled to borrow from the Company under the share
lending agreement.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the convertible notes, common stock or any other securities, nor will there be any sale of convertible notes, common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The convertible notes and the common stock are being offered only by means of a prospectus, forming a part of the Company’s shelf registration statement, related prospectus supplements and other related documents. You may obtain these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, copies may be obtained from Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Jersey City, NJ 07311 or at 800-503-4611. Before you invest, you should read the prospectus supplements and accompanying base prospectus along with other documents that the Company has filed with the Securities and Exchange Commission for more complete information about the Company and these offerings.
About DryShips Inc.
DryShips is an owner and operator of drybulk carriers and offshore deep water drilling units that operate worldwide. As of the day of this release, DryShips owns a fleet of 39 drybulk carriers (including newbuildings) comprising seven Capesize, 30 Panamax and two Supramax, with a combined deadweight tonnage of over 3.5 million tons, two ultra deep water semisubmersible drilling rigs and four ultra deep water newbuilding drillships.
DryShips’s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS".
DryShips Inc.