Smith International Inc. (SII) said that it has priced its public offering of 28 million shares of its common stock at $26.50 per share.
The company has granted the underwriters a 30-day option to purchase up to 4.20 million additional shares of common stock to cover over-allotments.
The company said it will use the net proceeds from the offering for debt repayment, general corporate purposes, and funding of potential acquisitions or investments.
Closing of the offering is expected to occur on or about November 23, subject to customary closing conditions.
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