Dry CargoEuropeFinance and InsuranceOffshore
DryShips settles loan with debt-for-equity swap with Ocean Rig
DryShips has agreed a debt-for-equity swap with its fellow Economou-led company Ocean Rig that will fully pay off a $120m exchangeable promissory note.
Under the agreement, Dryships will exchange the outstanding $80m borrowed by DryShips under the $120m loan facility for 17,777,778 of its shares in Ocean Rig.
In May, DryShips agreed to partially exchange $40m borrowed by the company from the same loan for 4,444,444 of its shares in Ocean Rig.
Separately, Ocean Rig’s board of directors has opted to suspend the company’s quarterly dividend until offshore drilling market conditions improve.