DryShips Takes on Water in Offering (DRYS)

Posted in pre-market 
November 18th, 2009

DryShips, Inc. (NASDAQ: DRYS) is holding up better than it was last night.  The shipper continued its capital raising path announcing that it is selling $300 million in notes but is also entering a share loan agreement for $150 million with Deutsche Bank (the underwriter).  Shares were down as much as 7% last night.  At 8:14 AM EST we have seen 120,000 shares trade hands and the stock is down 2.2% at $6.89.  This volume should pick up as the volume last night was 1.9 million shares after the closing bell alone for a 4.5% drop to $6.73 at the after-hours cut-off time.


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