DryShips Seeks Bank Loan as $700 Million Debt Comes Due
This article is for subscribers only.
DryShips Inc., the drybulk carrier that faces a potential funding shortfall as $700 million of debt comes due in less than two months, is seeking a bank loan after a bond sale fell through over the weekend.
The shipper would use the loan in addition to sources that include a $350 million financing from ABN Amro Group NV, $100 million available in a credit line from Nordea Bank AB, cash on hand as well as a funding commitment from Chief Executive Officer George Economou, according to two people with knowledge of the company’s plans, who asked not to be identified because the talks are private.