DryShips (DRYS) Enters Agreement with Lender to Settle Outstanding Loan Obligations

November 21, 2016 8:46 AM EST

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DryShips Inc. (NASDAQ: DRYS) (the "Company"), an international owner of drybulk carriers and offshore support vessels, announced today that it has reached agreement with one of its lenders to settle its outstanding loan obligations. Under the terms of the agreement, the lending bank has agreed to a write-off of approximately 50% of the outstanding principal and interest due. The Company has repaid approximately $8.2 million of principal and will have to pay an additional amount of $2.0 million over the next 9 months against a full and final settlement of all of its obligations under the credit documents.

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