The Nasdaq-listed company revealed it is fattening its original $500m target in a filing this week with US securities regulators, only one week after setting the original figure.

If it gets its way, DryShips will be able to refinance $700m in 5% convertible notes due in December through the proceeds of these three-year bonds. They are thought to have a target coupon rate near 7%, with a par discount that allows investors a higher yield.

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