Dry CargoEurope

DryShips to raise $100m via direct offering

DryShips has entered into a securities purchase agreement with Kalani Investments, for the sale of a series of newly designated convertible preferred shares.

The securities will be issued to Kalani through a registered direct offering. The gross proceeds from the sale of the securities will be approximately $20m. The company may further receive up to an aggregate of $80m if all of the preferred warrants are exercised.

The company intends to use the net proceeds from the sale of the offered securities for general corporate purposes and to repay debt.

Recently, Dryships sold five of its panamax vessels for $29.4m in total to pay down loan facilities.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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