Hercules Offshore, Inc. (HERO: Quote) 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.
Click here to receive FREE breaking news email alerts for Hercules Offshore Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com