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DryShips plans $832.3 million of new secured term loan financing
By Sara Rosenberg
New York, March 31 - DryShips Inc. has received commitments for $832.3 million of new secured term loans, according to a news release.
First, on March 25, the company signed a commitment for an $800 million 51/2-year term loan that has a 12-year repayment profile and will be used to help fund construction of the Ocean Rig Corcovado and Olympia as well as to repay a portion of a $325 million bridge loan. Nordea Bank and ABN Amro are the lead arrangers on the deal.
Second, the company got a commitment on March 30 for a $32.3 million six-year term loan with a 15-year repayment profile to help finance the construction of the newbuilding tanker, Daytona, which is scheduled to be delivered in May.
Also, DyrShips said that it completed on Feb. 7 a new $70 million five-year secured term loan that has a 15-year repayment profile with an international lender to partially finance the construction costs of the newbuilding tankers, Saga and Villamoura.
In addition, the company received consents from lenders on March 28 to restructure its $1.1 billion secured term loan with Deutsche Bank.
Under the restructuring, the maximum amount permitted to be drawn under the loan was reduced to $495 million from $562 million, and a guarantee was added from the company's majority-owned subsidiary Ocean Rig UDW Inc.
Also, full drawdowns under the loan will be permitted for the Ocean Rig Poseidon. For the Ocean Rig Mykonos, the company will have up to one month prior to delivery to execute an acceptable drilling contract in order to draw on the loan.
DryShips is an Athens-based provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services.
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