Private subsidiary of DryShips offers common shares at $17.50 apiece
By Devika Patel
Knoxville, Tenn., Dec. 15 - DryShips Inc. said its private subsidiary Ocean Rig UDW Inc. plans a private placement of stock. The subsidiary will raise $500 million.
Ocean Rig will sell the common shares at $17.50 per share.
The deal is expected to settle on Dec. 20.
Proceeds will be used for the construction costs of the ultra deepwater newbuilding drillships under construction at Samsung, to exercise options to build further ultra deepwater drillships and for general corporate purposes.
DryShips is based in Athens, Greece, and provides marine transportation services for drybulk cargoes and off-shore contract drilling oil services.
| Issuer: | Ocean Rig UDW Inc.
|
| Issue: | Common shares
|
| Amount: | $500 million
|
| Price: | $17.50
|
| Warrants: | No
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 20
|
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