Hercules Prices Public Offering
Hercules Offshore has priced a public offering of 8 million shares of its common stock at $36 per share.
Of the 8 million shares offered, only 1.6 million shares were offered by Hercules as newly issued shares of common stock. The remaining 6.4 million shares were offered by selling stockholders. Hercules expects to receive approximately $54.3 million of proceeds from the offering, net of underwriting fees and estimated expenses. Hercules intends to use the proceeds to repay debt and for other general corporate purposes.
The offering is expected to close on April 18.
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