DryShips Inc., an international owner of dry bulk carriers and offshore support vessels, has sold five of its panamax vessels for an aggregate gross price of US$29.4 million.
The company has sold its two panamax vessels Amalfi and Samatan, along with their associated bank debt, to entities controlled by the company's Chairman and CEO, George Economou. As part of the transaction, the company entered into an agreement to increase its secured revolving facility (Revolver) provided by an entity controlled by Economou. The Revolver was amended to increase the maximum available amount by US$5.0 million to US$75.0 million and to give DryShips an option to convert US$7.5 million of the outstanding balance to shares of DryShips' common stock within 365 days. Following this transaction, the outstanding balance under the Revolver will stand at US$69.4 million. The transaction was approved by the independent members of the company's board of directors on the basis of vessel valuations and a fairness opinion.
DryShips also sold its three panamax vessels, Ocean Crystal, Sonoma and Sorrento to un-affiliated buyers. All of the gross proceeds from the sales will be used to pay down their respective loan facilities. The vessels are scheduled to be delivered to their new owners during November 2016.
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