DryShips inks new loans and announces sale of Panamax bulk carrier Ecola

By Vessels

DryShips Inc. (NASDAQ:DRYS) (DryShips), a diversified owner of ocean going cargo vessels, Wednesday announced the following transactions:

DryShips inks new loans and announces sale of Panamax bulk carrier Ecola
Caption: Bulk carrier Ecola - Image courtesy of J.D. Berman
  • The Company has received two firm commitments for senior secured credit facilities of up to an aggregate of $125.0 million from two commercial lenders. The facilities will be secured by the Company’s four tanker vessels and two Kasmarmax and one Panamax drybulk vessels and will have a tenor of five and six years, respectively. Both facilities will bear an interest rate of LIBOR plus margin, will be repayable in quarterly installments and will have customary financial covenants. The facilities remain subject to definitive documentation.
  • The Company has sold its 2001 built Panamax vessel, the Ecola, to an unaffiliated buyer for total gross proceeds of $8.5 million. The vessel is scheduled for prompt delivery to the buyer.

Mr. George Economou, the Company’s Chairman and Chief Executive Officer, commented: “This year has been transformational for DryShips. We continue to execute on our business plan with the support of our lenders, which is a testament to the strength of the Company’s balance sheet.”

Source: Dryships