DryShips Prices Offering Of 250 Mln Shares At $1.40 Per Share - Quick Facts

(RTTNews) - DryShips Inc. (DRYS) announced that it priced the offering of 250 million shares of its common stock, par value $0.01 per share, at a price of $1.40 per share.

The offering is expected to close on October 29, 2014.

As part of the offering, George Economou, the Company's Chairman, President and Chief Executive Officer, has purchased $80 million, or 57.14 million shares, of common stock in the offering at the public offering price.

The company said it plans to use the net proceeds from the offering to repurchase a portion of its $700.0 million principal amount of indebtedness under the 5.0% Convertible Senior Notes maturing on December 1, 2014.

The company's common shares trade on the Nasdaq Global Select Market under the symbol "DRYS."