Hercules Offshore, Inc. (HERO) announced the pricing of an underwritten public offering of 17.50 million shares of common stock at a public offering price of $5.00 per share. The offering is expected to close on September 30, 2009. The company has also granted the underwriters a 30-day option to purchase up to about 2.63 million additional shares to cover over-allotments.
The company plans to use 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 for general corporate purposes, which may in the future include repaying indebtedness, among other things.
Morgan Stanley & Co. Incorporated and UBS Investment Bank are serving as Joint Bookrunning Managers of the offering.
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