Key Developments: DryShips Inc (DRYS.O)
2.08USD
17 May 2013
$-0.02 (-0.95%)
$2.10
$2.14
$2.18
$2.03
7,459,041
4,453,275
$2.74
$1.46
Latest Key Developments (Source: Significant Developments)
Ocean Rig UDW Inc Announces Upsizing And Pricing Of Public Offering Of Its Shares By Dryships Inc
Ocean Rig UDW Inc announced the upsizing of the previously announced public offering of Ocean Rig common shares by DryShips Inc. to 7,500,000 common shares and that the offering has priced with gross proceeds of approximately $126.4 million. All net proceeds from the sale of the common shares will be received by DryShips as the selling shareholder. Following the completion of the offering, DryShips is expected to own approximately 59.4% of the Company's outstanding shares. The offering is expected to close on February 14, 2013. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering. Full Article
Ocean Rig UDW Inc Announces Public Offering of Its Shares by DryShips Inc
Ocean Rig UDW Inc announced that DryShips Inc. is offering to sell 5,000,000 Ocean Rig common shares in an underwritten public offering pursuant to Ocean Rig's effective shelf registration statement on Form F-3ASR filed with the Securities and Exchange Commission. All net proceeds from the sale of the common shares will be received by DryShips as the selling shareholder. Following the completion of the offering, DryShips is expected to own approximately 61.3% of the Company's outstanding shares. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering. Full Article
DryShips Inc Announces Sale of Two Newbuilding Suezmaxes
DryShips Inc announced that the Company and through its majority owned subsidiary, Ocean Rig UDW Inc or Ocean Rig, of offshore deepwater drilling services, the sale, via novation, of two of its tankers under construction at Samsung Heavy Industries, Esperona and Blanca, to a third-party buyer. Under the terms of the two novation agreements dated December 27, 2012, the buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4 million (that is, $10.7 million for each vessel) paid by the Company to the Buyer. Full Article
Ocean Rig UDW Inc Updates on Public Offering of its Shares By DryShips Inc
Ocean Rig UDW Inc announced that the underwriters of the previously announced public offering of Ocean Rig UDW Inc's common shares by DryShips Inc have exercised in full their option to purchase an additional 1,500,000 common shares at a price to the public of USD 16.25 per share. With this exercise, the public offering totals 11,500,000 shares with total gross proceeds to DryShips Inc as the selling shareholder, excluding underwriting discounts and commissions, of USD 186,875,000. Companies affiliated with Ocean Rig UDW Inc's Chairman and Chief Executive Officer have agreed to purchase a total of 2,185,000 common shares from DryShips Inc at the public offering price. The offering is expected to close on April 17, 2012. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering, and Evercore Partners, Raymond James, Simmons & Company International, ABN AMRO, COMMERZBANK, Dahlman Rose & Company, DVB Capital Markets and Nordea Markets are acting as co-managers for the offering. Full Article
Ocean Rig UDW Inc Announces Upsizing and Pricing of Public Offering of Its Shares by Dryships Inc.
Ocean Rig UDW Inc announced that DryShips Inc.'s previously announced public offering of the Company's common shares has been upsized to 10,000,000 common shares and priced at a price to the public of USD 16.25 per share. All net proceeds from the sale of the common shares will be received by DryShips as the selling shareholder. Companies affiliated with Chairman and Chief Executive Officer of the Company have agreed to purchase 1,900,000 common shares from DryShips at the public offering price. The offering is expected to close on April 17, 2012. DryShips has also granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering and Evercore Partners, Raymond James, Simmons & Company International, ABN AMRO, COMMERZBANK, Dahlman Rose & Company, DVB Capital Markets and Nordea Markets are acting as co-managers for the offering. Full Article
Ocean Rig UDW Inc Announces Public Offering Of Shares By DryShips Inc
Ocean Rig UDW Inc announced that DryShips Inc is offering to sell 9,000,000 Ocean Rig common shares in an underwritten public offering pursuant to Ocean Rig's registration statement on Form F-1 filed with the Securities and Exchange Commission. DryShips also intends to grant the underwriters a 30-day option to purchase up to 1,350,000 additional common shares to cover over-allotments. All net proceeds from the sale of the common shares will be received by DryShips as the selling shareholder. Companies affiliated with our Chairman and Chief Executive Officer are expected to purchase a minimum of 900,000 common shares from DryShips at the public offering price. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering, and Evercore Partners, Raymond James, Simmons & Company International, ABN AMRO, COMMERZBANK, Dahlman Rose & Company, DVB Capital Markets and Nordea Markets are acting as co-managers for the offering. Full Article
DryShips Inc.'s Ocean Rig UDW Inc Announces Amendments to Loan Facilities
Ocean Rig UDW Inc, majority-owned subsidiary of DryShips Inc. announced that it has received required lenders’ consents to make amendments to its USD 800 million senior secured term loan agreement (Nordea/ABN AMRO Facility), USD 990 million senior secured credit facilities (Deutsche Bank Facilities) and USD 1.04 billion senior secured credit facility (DNB Facility). Under Nordea/ABN AMRO Facility and the Deutsche Bank Facilities, the Company will be allowed to pay dividends in an amount up to 50% of its net income subject to certain conditions being met. Under Nordea/ABN AMRO Facility and Deutsche Bank Facilities, the borrowers, which are subsidiaries of the Company, will be allowed to pay dividends to the Company so long as conditions are met. The cash sweep repayment mechanism under the Deutsche Bank Facilities will be fully removed. Under all of the secured loan facilities, all cross-default or cross-acceleration clauses relating to the debt of Dryships Inc. will be removed: under DNB Facility, the cross-acceleration clause relating to Dryships debt will be replaced with a cross-acceleration clause with the Company which will be guarantor under this facility. Under Nordea/ABN AMRO Facility, Dryships will no longer provide a guarantee and as such, the cross-acceleration clause relating to Dryships debt will be removed. Under Deutsche Bank Facilities, Dryships will no longer provide a guarantee and as such, the cross-default clause relating to Dryships debt will be removed. Full Article
DryShips Inc. And OceanFreight Inc. Announce Completion of Merger
DryShips Inc. and OceanFreight Inc. announced that following approval by OceanFreight's shareholders at a special meeting, the companies have completed the merger and OceanFreight has become a wholly-owned subsidiary of DryShips. Under the terms of the merger agreement, OceanFreight shareholders will be entitled to receive $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., for each share of OceanFreight common stock owned by them. As a result of the merger, OceanFreight's common shares will cease trading on the NASDAQ Global Market today, and OceanFreight expects to deregister and suspend its reporting obligations under the Securities and Exchange Act of 1934, as amended. American Stock Transfer & Trust Company has been appointed to serve as the agent for payment of the merger consideration to OceanFreight shareholders, and will promptly mail to shareholders instructions on how to surrender their stock certificates and receive payment for their shares. Full Article
DryShips Inc. Announces Signing Of $141 Million Loan Facility For Four Tankers
DryShips Inc. announced the signing of a $141 million syndicated secured term loan facility to partially finance the construction costs of the tankers Belmar, Calida, Lipari and Petalidi. The Lead Arrangers are The Export-Import Bank of Korea (Korea Eximbank) and ABN AMRO Bank. Full Article
DryShips Inc. And OceanFreight Inc. Announces DryShips Acquires Majority Of OceanFreight Shares
DryShips Inc. and OceanFreight Inc. announced that DryShips has acquired 3,000,856 shares of OceanFreight Inc. The shares were acquired from entities controlled by Mr. Anthony Kandylidis, the CEO of OceanFreight, under a purchase agreement entered into on July 26, 2011. These shares represent a majority of the outstanding shares of OceanFreight. The consideration paid by DryShips for each OceanFreight share consisted of $11.25 in cash and 0.52326 shares of common stock of Ocean Rig UDW Inc, par value of $0.01 per share, with cash paid in lieu of fractional shares. The total consideration paid for those shares was $33,759,671.08 in cash and 1,570,226 shares of Ocean Rig common stock. The Ocean Rig shares so transferred were outstanding shares held by DryShips. As a result of this transaction, DryShips' percentage ownership of Ocean Rig was reduced from approximately 78% to approximately 77 %. DryShips has agreed to vote the OceanFreight shares that it acquired in favor of the merger of OceanFreight with a subsidiary of DryShips, as contemplated by the merger agreement signed by DryShips and OceanFreight on July 26, 2011. DryShips holds sufficient OceanFreight shares to approve the merger. In that merger, DryShips will acquire the remaining outstanding shares of OceanFreight for per share consideration consisting of $11.25 in cash and 0.52326 shares of Ocean Rig, with cash paid in lieu of fractional shares. The merger is expected to close in the fourth quarter of 2011. Full Article
DryShips loss widens as drybulk voyage revenue falls
- DryShips Inc reported a bigger-than-expected quarterly loss as voyage revenue in its drybulk carriers business fell.
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