Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

RELATED NEWS
Trade HERO now with 
3/22/2012 5:51 PM ET

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: editorial@rttnews.com

Business News

Editors Pick
Justin Moore has been named Humanitarian of the Year by by the Armed Forces Foundation. Moore received the award alongside Big Machine Label Group President/CEO Scott Borchetta for their service and commitment to the morale and welfare of military families through the Crown Royal "Your Hero's Name Here" contest. International Business Machines Corp. said Wednesday after the markets closed that its first quarter profit fell 21% from last year, hurt by lower revenue as well as a hefty workforce rebalancing charge. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Stocks moved sharply higher over the course of the trading day on Wednesday, further offsetting the steep losses posted late last week. The markets benefited from a positive reaction to the latest earnings news as well as remarks by Federal Reserve Chairman Janet Yellen. The major averages saw further upside going into the close, ending the session at their best levels of the day.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.