DryShips Inc. Announces Ocean Rig UDW Inc.'s Proposed Offering of $500 Million Senior Notes Due 2019
March 14 2014 - 4:06PM
Marketwired
DryShips Inc. Announces Ocean Rig UDW Inc.'s Proposed Offering of
$500 Million Senior Notes Due 2019
ATHENS, GREECE--(Marketwired - Mar 14, 2014) - DryShips Inc.
(NASDAQ: DRYS) (the "Company" or "DryShips") a global provider of
marine transportation services for drybulk and petroleum cargoes,
and through its majority owned subsidiary, Ocean Rig UDW Inc.
("Ocean Rig"), of offshore deepwater drilling services, today
announced that Ocean Rig intends, subject to market and other
conditions, to offer $500 million in aggregate principal amount of
senior notes due 2019 (the "Notes") in a private offering within
the United States to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and to certain other persons outside of the
United States in reliance on Regulation S under the Securities
Act.
Ocean Rig intends to use the net proceeds from the offering of
the Notes, together with other available funds, to fund the
repurchase or redemption of its 9.5% Senior Unsecured Notes due
2016, for which it is conducting a concurrent tender offer, and to
pay related fees and expenses.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes, nor shall there be any
sale of the Notes in any jurisdiction in which such offer,
solicitation or sale is unlawful. Any offer of the Notes will be
made only by means of a private offering memorandum.
The Notes have not been, and will not be, registered under the
Securities Act or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements under the
Securities Act.
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 11 offshore ultra deepwater
drilling units, comprising of 2 ultra deepwater semisubmersible
drilling rigs and 9 ultra deepwater drillships, one of which is
scheduled to be delivered to the Company during 2014 and two of
which are scheduled to be delivered during 2015. DryShips owns a
fleet of 42 drybulk carriers (including newbuildings), comprising
12 Capesize, 28 Panamax and 2 Supramax, with a combined deadweight
tonnage of about 4.4 million tons, and 10 tankers, comprising 6
Suezmax and 4 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."
Visit the Company's website at www.dryships.com.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The Private Securities Litigation Reform Act of
1995 provides safe harbor protections for forward-looking
statements in order to encourage companies to provide prospective
information about their business. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation.
Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The words "believe," "intend," "anticipate," "estimate," "project,"
"forecast," "plan," "potential," "may," "should," "expect" and
similar expressions identify forward-looking statements.
The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination
of historical operating trends, data contained in our records and
other data available from third parties. Although we believe that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results
to differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charterhire and
drilling dayrates and drybulk vessel, drilling rig and drillship
values, failure of a seller to deliver one or more drilling rigs,
drillships or drybulk vessels, failure of a buyer to accept
delivery of a drilling rig, drillship, or vessel, inability to
procure acquisition financing, default by one or more charterers of
our ships, changes in demand for drybulk commodities or oil,
changes in demand that may affect attitudes of time charterers and
customer drilling programs, scheduled and unscheduled drydockings
and upgrades, changes in our operating expenses, including bunker
prices, drydocking and insurance costs, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of
shipping routes due to accidents and political events or acts by
terrorists.
Risks and uncertainties are further described in reports filed
by DryShips with the U.S. Securities and Exchange Commission.
Investor Relations / Media: Nicolas Bornozis Capital Link, Inc.
(New York) Tel. 212-661-7566 E-mail: dryships@capitallink.com
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