George Economou’s DryShips has closed a previously announced $200m refinancing deal with Sifnos Shareholders, an entity controlled by Economou, and announced its intention to begin hunting for acquisitions.
Following the closing of the deal, DryShips is sitting on cash reserves of $76.8m and has a further $79m available as part of the revolver loan facility, giving it a substantial war chest for acquisitions.
Economou commented: “We are pleased to have now completed the restoration of our balance sheet. With total available liquidity of $155.8 million we are now ready to begin looking at acquisition opportunities in all of the shipping sectors including drybulk vessels, tankers, and gas carriers, as the opportunities arise.”
New DryShips CFO Anthony Kandylidis promised the deal will “make Dryships great again” when it was announced last month.
The company has since sealed an agreement with Kalani Investments where it may sell up to $200m of its common stock to Kalani over a period of 24 months.