Ship's Bow

WFW advises ABN AMRO on “pivotal” DryShips facility

26 January 2015

Watson Farley & Williams (“WFW”) has advised ABN AMRO Bank NV (“ABN AMRO”) on a US$200 million one year bridge facility for DryShips Inc (“DryShips”), which was used to partially refinance a US$700 million bond issued by DryShips which matured on 1 December. The bridge facility is secured over shares held by DryShips in its subsidiary Ocean Rig UDW Inc. (“Ocean Rig”).

In addition to the bridge facility, DryShips utilised a loan from Ocean Bulk Rig, proceeds from a recent share offering and other loan facilities to refinance the maturing bond.

DryShips is a dry bulk shipping company based in Athens, Greece and listed on the NASDAQ stock market in New York. Subsidiary Ocean Rig is an operator of semi-submersible oil rigs and ultra-deep water (UDW) drillships and is also listed on NASDAQ.

WFW advised ABN AMRO on all aspects of the transaction with a cross-border team led by partner and WFW Head of Greece George Paleokrassas. He and senior associate Vassiliki Georgopoulos advised ABN AMRO on matters of English law, working closely alongside WFW New York partners Leo Chang and Steven Hollander, who, together with associate Ashley Laurie, advised on New York law, U.S. securities law and also on Marshall Islands law.

Asset Finance partner George Paleokrassas, said: “We are pleased to have advised long-time client ABN AMRO on this high-profile transaction which was pivotal for the future of DryShips, as it was very important for the company to refinance its maturing bond. WFW’s ability to advise seamlessly across borders was to the fore as we worked alongside our colleagues in New York to advise on the English, New York, U.S. securities and Marshall Islands law aspects of the facility.”