UPDATE 1-DryShips in agreement with lenders on waiver terms

George EconomouOct 13 (Reuters) – Greek drybulk shipping company DryShips Inc (DRYS.O) said it reached an agreement with lenders Nord LB and West LB on waiver terms for $183 million of debt.
Shares of DryShips, which Lazard Capital Market upgraded to “buy” from “hold,” were up 8 percent at $7.29 in early morning trade Tuesday on Nasdaq. [ID:nBNG457029]
“We are now left with $187.5 million of outstanding debt, where constructive discussions with the banks continue for waivers and we expect to have those concluded shortly,” Chief Executive George Economou said in a statement.
The waivers include an agreement with Nord LB on waiver terms for $116 million of debt, and with West LB for $67 million of debt, the company said.
It had agreed on waiver terms for $71 million of its outstanding debt with West LB in August. (Reporting by Adveith Nair in Bangalore; Editing by Ratul Ray Chaudhuri)

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