By Paul A. Harris
Portland, Ore., April 13 - Greece's Dryships Inc. has priced a $500 million issue of five-year senior bonds at par to yield 9½%, according to market sources.
The reoffer price and yield both came on top of talk.
Pareto Securities ran the books for the Rule 144A and Regulation S issue, which settles on April 27.
Proceeds will be used to finance Ocean Rig's drillships program and for general corporate purposes.
The issuing entity, Ocean Rig UDW Inc., is a subsidiary of the Athens-based provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services.
| Issuer: | Ocean Rig UDW Inc. (DryShips Inc.)
|
| Amount: | $500 million
|
| Maturity: | 2016
|
| Securities: | Senior bonds
|
| Bookrunner: | Pareto Securities
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Settlement date: | April 27
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9½% at par
|
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