Wants to retire old unsecured notes by offering new notes with a longer time horizon. Fees and expenses will of course be paid to restructure this debt. Look under Headlines of Yahoo. Released 6 minutes after market close today Friday which is his usual m.o. All of this under the Ocean Rig wing of the company. 500 million bucks worth.
The release doesn't mention what rate the new notes will bear but you can bet they'll be less than the existing 9.5% unsecured ones. He seems to run ORIG just like DRYS - not having much in the way of cash reserves and maintaining heavy debt. Helluva way to run a railroad but he's been doing it for years and is the maestro of money movements both good and bad. It'll be interesting to see how the Monday markets react on both stocks.