New York Exchange-listed DryShips Inc. has closed the previously announced offering of 250 million shares of its common stock.
Priced at USD 1.4 dollars per share, the offering brought USD 333.7 million to the company, after deducting offering fees and expenses.
DryShips intends to use the net proceeds from the offering to repurchase a portion of its USD 700 million principal amount of indebtedness under the 5.0% Convertible Senior Notes maturing on December 1, 2014.
The company has recently withdrawn a public offering of USD 700 million of its senior secured notes, saying that the reason for withdrawal was the market conditions.
Press Release; Image: Rob Tannenbaum/Nasdaq