Horizon Offshore Launches Underwritten Common Stock Offering
Horizon Offshore, Inc. reports that it and certain of its stockholders who acquired shares in connection with the company's recapitalization have commenced an underwritten public offering of 8 million shares of the company's common stock.
The 2 million shares being offered by the company and the 6 million shares being offered by the selling stockholders are registered by the company under shelf registration statements on Form S-3 previously filed with the Securities and Exchange Commission. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock to cover over-allotments, if any.
The company intends to use the net proceeds from the offering to repay debt and for general corporate purposes, including funding of capital expenditures and working capital requirements. The company will not receive any of the proceeds from the sale of the common stock by the selling stockholders.
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