Daily News: February 10, 2014

Deutsche Agents Ocean Rig $1.9B Term Loan Amendment


DryShips, through its majority owned subsidiary, Ocean Rig UDW, announced Ocean Rig, and its wholly owned subsidiaries, Drillships Financing Holding and Drillships Projects, entered into an amendment and restatement agreement to the credit agreement dated as of July 12, 2013. Deutsche Bank AG New York Branch acted as administrative and collateral agent.

The credit agreement was originally comprised of tranche B-1 term loans in an aggregate principal amount equal to $1.075 billion and tranche B-2 term loans in an aggregate principal amount equal to $825.0 million. Pursuant to the agreement, the existing Tranche B-2 Terms Loans were refinanced with additional new tranche B-1 term loans the result of which is that DFHI currently has approximately $1.9 Billion of tranche B-1 term loans outstanding.

DryShips is an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW, of offshore deepwater drilling services.