Dryships Collects USD 20 Mn by Selling Shares

Greek owner of drybulk carriers and offshore support vessels DryShips Inc. has decided to sell its preferred shares for gross proceeds of USD 20 million to British Virgin Islands-registered Kalani Investments Limited.

The agreement is for the sale of 20,000 newly designated Series E-1 Convertible Preferred Shares, and includes preferred warrants to purchase 30,000 Series E-1 Convertible Preferred Shares, preferred warrants to purchase 50,000 newly designated Series E-2 Convertible Preferred Shares, prepaid warrants to initially purchase an aggregate of 372,874 common shares and 100 common shares.

Kalani is entitled to receive 10,000 common shares but is electing to receive 100 common shares and the prepaid warrant will be immediately exercisable for 9,900 common shares, the company said.

DryShips added that it may further receive up to USD 80 million if all of the preferred warrants are exercised, for total proceeds of USD 100 million.

The net proceeds from the sale of the offered securities would be used for general corporate purposes and/or to repay indebtedness under one or more of existing credit facilities and/or to repay indebtedness incurred under the Revolving Facility with Sifnos Shareholders Inc.

As it experienced a rise in its stock price, DryShips said that, apart from this transaction, the company “is not aware of any other news that would result in the increased trading activity of its stock or a fluctuation of its stock price.”

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