Lead managers RS Platou and Pareto Securities to assist with financing
By Devika Patel
Knoxville, Tenn., Oct. 24 – DryShips Inc. said it priced a $350 million registered direct offering of stock. The offering was announced Thursday.
The company will sell 250 million common shares at $1.40 per share. The price per share reflects a 30% discount to the Oct. 23 closing share price of $2.00.
Each common share will be accompanied by one right to purchase one-thousandth of a preferred at $250 per preferred.
RS Platou Markets Inc. and Pareto Securities Inc. are the joint lead managers, joint bookrunners and agents. ABN Amro is the joint lead manager and an agent.
Chairman, president and chief executive officer George Economou has bought 57,142,857 shares for $80 million.
Settlement is expected Oct. 29.
Proceeds will be used to repurchase some of DryShips’ $700 million 5% convertible senior notes, which are due on Dec. 1.
Based in Athens, DryShips owns drybulk carriers and tankers.
| Issuer: | DryShips Inc.
|
| Issue: | Common stock
|
| Amount: | $350 million
|
| Shares: | 250 million
|
| Price: | $1.40
|
| Warrants: | No
|
| Bookrunners: | RS Platou Markets Inc. and Pareto Securities Inc. (joint leads)
|
| Agents: | RS Platou Markets Inc., Pareto Securities Inc., ABN Amro
|
| Joint lead manager: | ABN Amro
|
| Co-manager: | DVB Capital Markets LLC
|
| Investor: | George Economou (for $80 million)
|
| Announcement date: | Oct. 23
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 29
|
| Stock symbol: | Nasdaq: DRYS
|
| Stock price: | $2.00 at close Oct. 23
|
| Market capitalization: | $676.83 million
|
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