DryShips Inks New Loans, Disposes of Panamax Bulker

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Athens-based drybulk shipping firm DryShips has received two firm commitments for senior secured credit facilities of up to an aggregate of USD 125 million.

The facilities will be secured by the company’s four tanker vessels and two Kasmarmax and one Panamax drybulk vessels and will have a tenor of five and six years, respectively.

Both facilities, received from two commercial lenders, will bear an interest rate of LIBOR plus margin, will be repayable in quarterly installments and will have customary financial covenants.

The facilities remain subject to definitive documentation.

Additionally, the company infromed that it reached an agreement to dispose of its 2001-built Panamax vessel, the Ecola, to an unaffiliated buyer.

Sold for total gross proceeds of USD 8.5 million, the bulker is scheduled for prompt delivery to the buyer.

“This year has been transformational for DryShips. We continue to execute on our business plan with the support of our lenders, which is a testament to the strength of the company’s balance sheet,”George Economou, DryShips’ Chairman and Chief Executive Officer, said.