George Economou, founder and[ds_preview] chairman, will back DryShips with a $200m refinancing through Sifnos Shareholders Inc.
Sifnos, controlled by Economou, will extend a new loan of up to 200 mill. $ at an interest rate of Libor plus 5.5%. In addition, Sifnos will have the ability to participate in realized asset value increases of the collateral base in a fixed percentage of 30%. The transaction was approved by the Company’s independent members of the board.
This new facility follows the repayment of 33.5 mill. $ under the previous Sifnos facility and the write-off of approximately 1.6 mill. $ of overdue interest under the ex-HSH syndicated facilities.
Lastly, the Board of Directors has appointed Anthony Kandylidis as President and Chief Financial Officer and Mr. Dimitris Dreliozis as Vice President, Finance. »We appreciate the support shown by our Founder to restore our balance sheet. We will have total available liquidity of between 119 mill. and 129 mill. $ that will gives us the opportunity to evaluate the possible acquisition of assets at distressed values,« said Kandylidis.
The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1 mill. t, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.
