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DryShips talks $500 million three-year notes to yield 9 1/8%-9¼%; pricing this week
By Paul A. Harris
Portland, Ore., Oct. 2 – Athens-based DryShips Inc. talked its $500 million offering of senior secured notes due in 2017 to yield 9 1/8% to 9¼%, according to a market source.
The deal is expected to price before the end of the present week.
Sterne Agee & Leach Inc. is the bookrunner. DNB Markets Inc. and Cowen and Co. LLC are the co-managers.
Proceeds will be used to refinance, in part, the company’s $700 million of outstanding 5% convertible senior notes.
DryShips owns drybulk carriers and tankers.
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