It’s Spring and the Convertible Takes Another Spin

On Tuesday, DryShips announced that it would re-open the indenture of its original convertible bond offering done November 25, 2009, and offer an additional $150 million aggregate principal amount of the 5% Convertible Senior Notes due 2014 (“Convertible Notes”). As a consequence of the strict six-month window, this is a highly unusual occurrence, which we understand has only happened twice in the last five years.

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