The short-term loan will be used to repay the bulker and tanker owner’s $700m 5% convertible notes maturing on 1 December, “if needed”, DryShips said.
Earlier this month, the company pulled a planned $700m notes sale to refinance the previous issue, due to market conditions.
DryShips chairman and CEO George Economou said: “I want to re-assure all shareholders that DryShips fully expects to fund the December 1st maturity of the 5% convertible notes, and the loan from Ocean Rig is just a backstop in case we need a bit more time to execute on the various alternatives we are working on and if drawn, will be repaid as soon as possible."
DryShips
