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DryShips Inc. (Nasdaq: DRYS) $5.23. Today announced that its subsidiary, Drillships Hydra Owners (the owning company of the Ocean Rig Corcovado), has signed a commitment letter with an international lender for a $325 million Senior Secured Bridge Loan Facility.
Under the terms of this facility which is expected to be executed no later than December 31, 2010, the loan is to be utilized in one single drawdown to fund the delivery installment of the Ocean Rig Corcovado (Hull 1837) scheduled for delivery from Samsung Heavy Industries in January 2011. The bridge loan has a maturity of six months after the drawdown date.
What They Do: DryShips Inc., based in Greece, is an owner and operator of drybulk carriers and offshore oil deep water drilling units that operate worldwide.
Orbit International (Nasdaq: ORBT) $3.56. Today announced that its Electronics Group has received a prototype award from a U.S. Navy Procurement Agency valued in excess of $275,000 for the MK 110 Signal Data Converter (SDC). This recent award was received by the Company’s Integrated Combat Systems, Inc. (“ICS”) subsidiary located in Louisville, Kentucky. Deliveries under this contract award are expected to commence in the first quarter of 2011 and conclude in the second quarter of 2011.
The MK 110 SDC is an unmanned, environmentally-isolated shipboard enclosure that houses a standard 19 inch electronics rack containing processors, electronic devices, cooling and power conditioning equipment that perform processing, interfacing and data extraction functions designed to meet the most stringent U.S. Navy operational systems requirements. The MK 110 SDC is a critical item of the Gun Computer System installed in Arleigh Burke Class U.S. Navy Destroyers.
What They Do: Orbit International Corp. is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facilities in Hauppauge, New York, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky.
Multimedia Games (Nasdaq: MGAM) $4.45. Today annpunced that its Board of Directors has authorized the repurchase of up to $15 million of the Company’s common stock over the next three years.
Patrick Ramsey, President and Chief Executive Officer, commented, “Our successful execution on a range of initiatives has resulted in the consistent generation of free cash flow and a strengthened balance sheet. Accordingly, Multimedia Games’ Board of Directors believes the repurchase of our common shares represents an excellent use of capital that can enhance shareholder value.”
As of September 30, 2010, Multimedia Games had cash and cash equivalents of approximately $21.8 million. In addition, as previously reported, Multimedia Games expects to generate free cash flow of at least $20 million for the fiscal year ended September 30, 2011.
What They Do: Gaming technology developer and distributor, Multimedia Games, is a creator and supplier of comprehensive systems, content and electronic gaming units for Class III and Class II Native American gaming markets, as well as for commercial casinos and charity and international bingo markets.
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