DryShips plans to partially refinance 5% convertibles via new notes

By Marisa Wong

Madison, Wis., Oct. 1 – DryShips Inc. said it expects to refinance in part its outstanding $700 million principal amount of 5% convertible senior notes due Dec. 1, 2014 using proceeds from an offering of new notes.

The company announced on Wednesday plans to offer senior secured notes due 2017 with Sterne, Agee & Leach Inc. as bookrunner and DNB Markets, Inc. and Cowen and Co., LLC as the co-managers.

Based in Athens, DryShips owns drybulk carriers and tankers.

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