DryShips Inc. Announces a Public Offering of Its Senior Secured Notes Due 2017


DryShips Inc. announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company expects to use the net proceeds of the offering to refinance, in part, the Company’s outstanding $700 million aggregate principal amount of 5\% Convertible Senior Notes due December 1, 2014.

The Notes will be secured by first priority liens on certain shares of common stock of the Company’s subsidiary, Ocean Rig UDW Inc., owned by DryShips, plus certain additional or replacement collateral.

The Notes will be issued in minimum denominations of $1,000.00 and integral multiples of $1,000.00 in excess thereof.

Sterne, Agee & Leach Inc. will act as sole book-running manager for the offering. DNB Markets, Inc. and Cowen and Company, LLC will act as co-managers for the offering.
Source: DryShips Inc.

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