Hercules Offshore Prices Public Offering
Hercules Offshore has priced an underwritten public offering of 17,500,000 shares of common stock at a public offering price of $5.00 per share. The offering is expected to close on September 30, 2009. The Company has also granted the underwriters a 30-day option to purchase up to 2,625,000 additional shares to cover over-allotments, if any.
The Company intends to use the net proceeds from the offering, including the proceeds from any exercise of the underwriters' over-allotment option, to repay indebtedness outstanding under the Company's term loan facility and for general corporate purposes, which may in the future include repaying indebtedness, among other things. Morgan Stanley & Co. Incorporated and UBS Investment Bank are serving as Joint Bookrunning Managers of the offering.
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