Greek dry bulk carrier DryShips Inc (DRYS.O) said it has completed its $475 million at-the-market (ATM) offering and was continuing to examine all alternatives to strengthen its balance sheet.
Shares of the Athens, Greece-based company were up 3 percent at $7.25 in trading after the bell. They had closed at $7.04 Thursday on Nasdaq. DryShips, which had earlier raised $500 million in a similar offering announced in January, revealed this offering in a regulatory filing on May 7, after which it has about 257.6 million shares outstanding.
"So far in 2009 we have raised almost $1 billion of equity, cancelled $2 billion of capex, repaid over $600 million of debt and obtained bank waivers for a substantial portion of our outstanding debt," Chief Executive George Economou said.
Merrill Lynch acted as sales agent in the offering
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