DryShips has made another restructuring move as it plans to raise as much as $200m through a common stock purchase agreement with Kalani Investments.
The George Economou-led company has sealed a deal that will see Kalani acquire DryShips common shares over a period of 24 months.
This is the second time that British Virgin Islands-registered Kalani shows its intention to buy DryShips’ stock.
It entered into a private direct sale of $20m in newly issued preferred shares in mid-November.
DryShips said in today’s announcement that Kalani is not affiliated with the company.
George Economou, chairman and chief executive of DryShips, said: “We are very excited to now have the ability to raise up to $200m of equity having full control of the timing.
“Together with available liquidity in excess of $120m, we are now in a position to commence the process of rebuilding the company’s fleet and earnings capacity and pursuing investments in various shipping segments as they arise.
“We are already evaluating a number of opportunities that we hope will materialize in the very near future.”
DryShips will issue up to $1.5m of its common stock to Kalani as a commitment fee.
Earlier this month, Economou provided a $200m refinancing to the company through his company Sifnos Shareholders.
He also took control of more than 90% of DryShips' debt through a recent agreement with HSH Nordbank.
