Dryships Inc. Announces Closing of Ocean Rig UDW Inc.'s $500 Million of 7.25% Senior Notes Due 2019
March 26 2014 - 10:20AM
Marketwired
Dryships Inc. Announces Closing of Ocean Rig UDW Inc.'s $500
Million of 7.25% Senior Notes Due 2019
ATHENS, GREECE--(Marketwired - Mar 26, 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"), also a global provider of offshore deepwater
drilling services, today announced that Ocean Rig has closed the
offering of $500.0 million in aggregate principal amount of 7.25%
senior notes due 2019 (the "Notes"). The Notes were sold 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 will 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. As of 5:00 p.m.,
New York City time, on March 21, 2014, approximately 92.5% (or
$462.3 million in aggregate principal amount) of the 9.5% Senior
Unsecured Notes due 2016 had been tendered in the tender offer. The
tender offer will expire at 12:01 a.m., New York City time, on
April 7, 2014, unless extended or earlier terminated by Ocean
Rig. Ocean Rig issued a notice of redemption today with
respect to any 9.5% Senior Unsecured Notes due 2016 that remain
outstanding following the tender offer and will redeem such
remaining bonds on May 13, 2014.
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, 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
DryShips (NASDAQ:DRYS)
Historical Stock Chart
From Mar 2024 to Apr 2024
DryShips (NASDAQ:DRYS)
Historical Stock Chart
From Apr 2023 to Apr 2024