Notably in the red for much of Wednesday morning were shares of industry fan-favorite DryShips ( DRYS). The stock was down about 1% to $6.99 before rallying into positive territory in afternoon trading Wednesday. Shares of DryShips closed at $7.14, up more than 1.2% from the previous session on heavier-than-average volume.The company announced the previous evening that it would raise $300 million by offering a series of convertible notes, using the proceeds for its drill-ships business. DryShips also said it would enter into a share-loan agreement with Deutsche Bank and that it was able to achieve another waiver on yet another batch of debt. Investors have been awaiting an announcement from DryShips that it has inked charter contracts for two drill-vessel newbuildings, which will allow it to secure a $1 billion gap in the financing it requires to pay for the ships. Market players are also hoping for word of an IPO of that drill-ships division. -- Written by Scott Eden in New York Follow TheStreet.com on Twitter and become a fan on Facebook.