DryShips (DRYS) Announces Exercise of Over-Allotment Option by Underwriters, Closes Convertible Senior Notes Offering for Net Proceeds of $448M
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DryShips Inc. (NASDAQ: DRYS) today announced that in connection with its previously-announced offering of $400 million aggregate principal amount of convertible senior notes due 2014, the underwriter has exercised in full its over-allotment option granted by the Company and has purchased an additional $60 million aggregate principal amount of convertible notes on the same terms on which the $400 million convertible were sold to the underwriter. The Company also announced that the closing of the convertible notes offering and the over-allotment option took place simultaneously today. Accordingly, $460 million in aggregate principal amount of convertible notes have been sold by the Company to the underwriter, resulting in aggregate net proceeds to the Company of approximately $448 million. Deutsche Bank Securities Inc. acted as the sole book-running manager for the offering.
Concurrently with the offering of the convertible notes, the Company delivered 26.1 million shares of its common stock to Deutsche Bank AG, London Branch pursuant to a share lending agreement. Deutsche Bank AG or its affiliates intend to sell shares of the Company's common stock that they are entitled to borrow from the Company under the share lending agreement.
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