DryShips Inc. Receives Firm Commitments for Two Senior Secured Credit Facilities of Up to an Aggregate of $125.0 Million and ...
December 27 2017 - 08:45AM
DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a
diversified owner of ocean going cargo vessels, today announced the
following transactions:
- The Company has received two firm commitments for senior
secured credit facilities of up to an aggregate of $125.0 million
from two commercial lenders. The facilities will be secured by the
Company’s four tanker vessels and two Kasmarmax and one Panamax
drybulk vessels and will have a tenor of five and six years,
respectively. Both facilities will bear an interest rate of LIBOR
plus margin, will be repayable in quarterly installments and will
have customary financial covenants. The facilities remain subject
to definitive documentation.
- The Company has sold its 2001 built Panamax vessel, the Ecola,
to an unaffiliated buyer for total gross proceeds of $8.5 million.
The vessel is scheduled for prompt delivery to the buyer.
Mr. George Economou, the Company’s Chairman and
Chief Executive Officer, commented:
“This year has been transformational for
DryShips. We continue to execute on our business plan with the
support of our lenders, which is a testament to the strength of the
Company’s balance sheet.”
About DryShips Inc.
The Company is a diversified owner of ocean
going cargo vessels that operate worldwide. The Company owns a
fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels;
(ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk
vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers;
(vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers, 1 of which
is expected to be delivered in January 2018; and (viii) 6 offshore
support vessels, including 2 platform supply and 4 oil spill
recovery vessels.
DryShips’ common stock is listed on the NASDAQ
Capital Market where it trades under the symbol “DRYS.”
Visit the Company’s website at
www.dryships.com
Forward-Looking Statement
Matters discussed in this press 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 such safe
harbor legislation.
Forward-looking statements reflect the Company’s
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 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 the Company’s records and other data available from
third parties. Although the Company believes 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 the Company’s
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in the Company’s view,
could cause actual results to differ materially from those
discussed in the forward-looking statements include the factors
related to the strength of world economies and currencies, general
market conditions, including changes in charter rates, utilization
of vessels and vessel values, failure of a seller or shipyard to
deliver one or more vessels, failure of a buyer to accept delivery
of a vessel, the Company’s inability to procure acquisition
financing, default by one or more charterers of the Company’s
ships, changes in demand for drybulk or LPG commodities, changes in
demand that may affect attitudes of time charterers, scheduled and
unscheduled drydockings, changes in the Company’s voyage and
operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations,
changes in the Company’s relationships with the lenders under its
debt agreements, potential liability from pending or future
litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents,
international hostilities and political events or acts by
terrorists.
Risks and uncertainties are further described in
reports filed by DryShips Inc. with the Securities and Exchange
Commission, including the Company’s most recently filed Annual
Report on Form 20-F. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, except as
required by law. If one or more forward-looking statements are
updated, no inference should be drawn that additional updates will
be made.
Investor Relations / Media:
Nicolas BornozisCapital Link, Inc. (New York)Tel.
212-661-7566E-mail: dryships@capitallink.com
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