NEW YORK ( TheStreet) -- DryShips (DRYS - Get Report) shares have rebounded from a selloff last week, when investors reacted to news that further dilution was coming their way from another planned notes offering.At first, DryShips said it would sell $150 million worth of convertible notes, plus an overallotment option that would raise another $22 million. Then, on Wednesday, DryShips upped the offering by 47% to $220 million. The notes are convertible into DryShips common stock at $7.19 per share, for a total of 30.6 million shares. That would dilute the company's float (about 270 million shares) by a little more than 11%.
DryShips' Drillships Hit Another Wave
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