Bookrunners, agents Clarksons Platou, Pareto, Seaport Global to assist
By Devika Patel
Knoxville, Tenn., June 3 – Ocean Rig UDW Inc. negotiated a $200 million registered direct offering of stock, according to 6-K and 424 filings made Wednesday with the Securities and Exchange Commission. The deal was announced Tuesday.
The company will sell 28,571,428 common shares at $7.00 apiece. The price per share is a 2.99% discount to the June 2 closing share price of $8.09.
Clarksons Platou Securities, Inc., Pareto Securities Inc. and Seaport Global Securities LLC are the bookrunning managers and agents.
Chairman, president and chief executive officer George Economou will buy 1,428,571 shares for $10 million.
Settlement is expected June 8.
Proceeds will be used for working capital and general corporate purposes, including drilling rig acquisitions.
Deepwater driller Ocean Rig UDW is a majority owned subsidiary of DryShips Inc., which is based in Nicosia, Cyprus.
| Issuer: | Ocean Rig UDW Inc.
|
| Issue: | Common stock
|
| Amount: | $200 million
|
| Shares: | 28,571,428
|
| Price: | $7.00
|
| Warrants: | No
|
| Agents: | Clarksons Platou Securities, Inc., Pareto Securities Inc. and Seaport Global Securities LLC
|
| Investor: | George Economou (for $10 million)
|
| Announcement date: | June 2
|
| Pricing date: | June 3
|
| Settlement date: | June 8
|
| Stock symbol: | Nasdaq: ORIG
|
| Stock price: | $8.09 at close June 2
|
| Market capitalization: | $944.74 million
|
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