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.
