DryShips Announces Syndicate Approval to Amend $495 Million Term Loan Facility to Finance the Ocean Rig Mykonos

DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced that it has obtained unanimous consent from its existing syndicate members to amend the $495 million secured

term loan facility to allow for full draw downs to finance the remaining costs of the Ocean Rig Mykonos based upon the employment of this drillship with Petrobras for 3 years for drilling offshore Brazil. Furthermore, cash collateral deposited for this drillship will be released. The above is subject to completion of definitive documentation.
George Economou, Chairman and CEO, commented:
"We are pleased to announce the final financing package for Ocean Rig's original newbuilding program. As with the Ocean Rig Poseidon, the syndicate of lenders, including Deutsche Bank, have consented to allowing full draw downs to finance the Ocean Rig Mykonos. We thank our bankers and expect similar support for our future financing needs. As a result of the financing transactions concluded in the past several months, Ocean Rig is well positioned to capitalize on further growth opportunities. "
Source: DryShips