DryShips launches new $150m bond offering
Dry bulk carrier and offshore drillship owner DryShips has launched a new bond offering to raise $150m for acquisitions, working capital and other purposes.
As underwriter, Deutsche Bank Securities will have the option to buy a further $22.5m of additional notes to cover any over-allotments.
The move follows the sale of $460m of convertible notes by DryShips last November and will be considered part of the same series of debt securities under the indenture.
Assuming the funds are raised, they will add to an already substantial war chest amassed by DryShips, which has been relatively quiet recently on the dry bulk side but has four newbuilding ultra deepwater drillships coming on stream in the next two years.
At the same time as the bond offering, Nasdaq-listed DryShips will enter a share lending deal with Deutsche Bank for about $60m worth of its shares to facilitate hedging transactions.