DryShips starts looking at acquisition opportunities in all of the shipping sectors after closing a refinancing with Economou’s Sifnos Shareholders.
The dry bulk company said today, that it has signed definitive documentation with Sifnos, an entity controlled by founder and chairman George Economou, for the refinancing of the majority of its outstanding debt under the new senior secured revolving facility.
Sifnos has extended a new loan of up to 200 mill. $ that is secured by all of the company’s present and future assets except the MV »Raraka«. The new »revolver« includes 76.9 mill. $ in cash and 79 mill. $ in undrawn liquidity.
»We are now ready to begin looking at acquisition opportunities.«
George Economou, Chairman DryShips
»We are pleased to have now completed the restoration of our balance sheet. With total available liquidity of 155.8 mill. $ we are now ready to begin looking at acquisition opportunities in all of the shipping sectors including drybulk vessels, tankers and gas carriers, as the opportunities arise.«
DryShips owns a fleet of 13 Panamax drybulk carriers (1 mill. t) and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.
DryShips’ new revolving credit facility lasts for three years. The shipowner will pay an interest rate of Libor plus 5.5%, Sifnos will get a fixed percentage of 30% of any asset value increases.
Only a few days ago DryShips has already entered into an agreement with Kalani Investments Limited to sell common shares worth up to 200 mill. $. The deal allows Kalani to acquire the shares over a period of 24 months.