Smith International Commences Public Offering of Common Stock

Smith International has commenced a public offering of 28,000,000 shares of its common stock. The Company intends to use the net proceeds from this offering for debt repayment, general corporate purposes, and funding of potential acquisitions or investments.
The Company has granted the underwriters a 30-day option to purchase up to 4,200,000 additional shares of common stock to cover over-allotments, if any.