DryShips Gears Up for Acquisitions

Greece-based owner of drybulk carriers DryShips Inc. is ready to start looking at acquisitions as it signed a new refinancing deal with Sifnos Shareholders, an entity controlled by the company’s Chairman George Economou.

The deal was reached for the previously announced refinancing of the majority of DryShips’ outstanding debt under the new senior secured revolving facility.

Under the terms of the agreement, Sifnos has extended a new loan of up to USD 200 million that is secured by all of the company’s present and future assets except the MV Raraka.

“With total available liquidity of USD 155.8 million we are now ready to begin looking at acquisition opportunities in all of the shipping sectors including drybulk vessels, tankers, and gas carriers, as the opportunities arise,” George Economou, Chairman and Chief Executive Officer, said.

The new revolver carries an interest rate of libor plus 5.5%, is non-amortizing, has a tenor of 3 years, has no financial covenants and was arranged with a fee of 2%.

In addition, Sifnos has the ability to participate in realized asset value increases of the collateral base in a fixed percentage of 30%.

Share this article

Follow World Maritime News

Posted on January 4, 2017 with tags .

In Depth>

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >