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DryShips Inc. has entered into an agreemen[ds_preview]t with Kalani Investments Limited to sell up to 200 mill. $ of its common shares.

Kalani Investments Limited, an entity organized in the British Virgin Islands is not affiliated with the George Economou-led company, as it was said. Proceeds from any sales of common stock will be used for general corporate purposes. The deal allows Kalani to acquire the shares over a period of 24 months.

In consideration for entering into the agreement, the company has agreed to issue up to 1.5 mill. $ of its common stock to Kalani as a commitment fee. No warrants, derivatives, or other share classes are associated with this agreement, said DryShips.

»Together with available liquidity in excess of $120 million we are now in a position
to commence the process of re-building the Company’s fleet and earnings capacity and
pursuing investments in various shipping segments as they arise«
George Economou, Chairman and CEO

George Economou, founder and chairman, declared recently to back DryShips with a 200 mill $ refinancing through his Sifnos Shareholders Inc. In addition, Sifnos will have the ability to participate in realized asset value increases of the collateral base in a fixed percentage of 30%. The transaction has already been approved by the Company’s independent members of the board.

This new facility follows the repayment of 33.5 mill. $ under the previous Sifnos facility and the write-off of approximately 1.6 mill. $ of overdue interest under the ex-HSH syndicated facilities. Economou also took control of more than 90% of DryShips‘ debt through a recent agreement with HSH Nordbank.

DryShips owns dry bulk carriers and offshore support vessels. The fleet comprises 13 Panamax dry bulk carriers with a combined deadweight tonnage of approximately 1 mill. t, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.