Smith International, Inc. (SII) said Monday that it has commenced a public offering of 28 million shares of its common stock.
The company said it has granted the underwriters a 30-day option to purchase up to 4.2 million additional shares of common stock to cover over-allotments, if any.
Smith International plans to use the net proceeds from the offering for debt repayment, general corporate purposes, and funding of potential acquisitions or investments.
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