Nasdaq-listed DryShips is lining up a notes issue to fill the $250m finance gap for its looming $700m bond payment.
DryShips Greek bulker owner said the debt will mature in 2017 and will partly refinance the 5% bonds due on 1 December. The new notes will be secured by Ocean Rig shares owned by DryShips, plus “certain additional or replacement collateral.” Sterne, Agee & Leach will act as sole book-running manager, with DNB Markets and Cowen and Company as co-managers.
Dry Bulk Shipping News - Shipbroker Notes