DryShips signs $800 million loan to fund Ocean Rig Corcovado, Olympia

By Melissa Kory

Cleveland, April 18 - DryShips Inc. announced its subsidiary Ocean Rig UDW Inc. entered into an $800 million syndicated secured term loan facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia.

The facility has a five-year term and 12-year repayment profile and bears interest at Libor plus an undisclosed margin, according to a news release.

The lead arrangers are Nordea Bank and ABN Amro. Also participating in this financing are Garanti-Instituttet for Eksportkreditt, Norway's export credit agency, DVB Bank, Deutsche Bank and National Bank of Greece.

DryShips is an Athens-based provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services.

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