logo
Share SHARE
FONT-SIZE Plus   Neg

Hercules Offshore Prices Public Offering Of 20 Mln Shares At $5.10 A Piece

Hercules Offshore, Inc. (HERO) said Thursday that it has priced an underwritten public offering of 20 million shares of common stock at a public offering price of $5.10 per share.

The company has also granted the underwriters a 30-day option to purchase up to 3 million additional shares to cover over-allotments, if any.

The offering is expected to close on March 28.

The company said it plans to use 50% of the net proceeds from the offering, including the proceeds from any exercise of the underwriters' over-allotment option, to repay indebtedness outstanding under the company's term loan facility and to use the remaining net proceeds to fund a portion of the purchase price for its previously announced acquisition of the drilling rig Ocean Columbia as well as the costs associated with the repair, upgrade and mobilization of Ocean Columbia.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
As most of us are painfully aware, the days of the pension are mostly gone. The percentage of employers still offering a traditional defined benefit pension plan to newly hired employees fell from about 50% to 5% between 1998 and 2015, according to advisory firm Willis Towers Watson. Many companies... Cruise Critic, a cruise reviews and information site, has announced its 10th annual Editors' Picks Awards for the best cruise ships and lines of 2017. The awards are given in three categories - ocean cruises, luxury cruises and river cruises. Viking Cruises, with five wins, topped the list of award winners. Following Viking in second spot was Crystal Cruises, with four awards. French real estate company Unibail-Rodamco SE Tuesday announced that it has entered into an agreement to acquire Australian shopping centre group Westfield Corp. in a deal that implies an enterprise value of $24.7 billion. The deal is expected to create the world's premier developer and operator of flagship shopping destinations with 61.1 billion euros or $72.2 billion of Gross Market Value.
comments powered by Disqus
Follow RTT