Helix Energy Solutions intends to commence an underwritten secondary public offering of 20 million shares of its majority owned subsidiary, Cal Dive International, Inc., which will include an option for the underwriters to purchase an additional 3 million shares to cover over-allotments, if any.
Helix also announced that it has entered into an agreement with Cal Dive under which, simultaneously with and conditioned upon closing the offering, it will sell to Cal Dive an additional $14 million in shares at a per share price that is equal to the price at which Helix sells shares under the offering. After the closing of offering and the Cal Dive repurchase transaction, Helix will cease to own a majority of Cal Dive's common stock. Helix intends to use all proceeds from the offering and the stock repurchase for general corporate purposes.
In connection with the offering, Credit Suisse Securities (USA) LLC and Merrill Lynch & Co. are acting as joint book-running managers and Raymond James & Associates and Johnson Rice & Company L.L.C. are acting as co-managers for the offering.
Cal Dive has filed a registration statement, including a prospectus, with the Securities and Exchange Commission for the offering to which this communication relates. Before investing, investors should read the prospectus in that registration statement, the accompanying prospectus supplement, and other documents Cal Dive has filed with the SEC for more complete information about Cal Dive and this offering.
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