Smith International Prices Public Offering
Smith International has priced its previously announced public offering of 28,000,000 shares of its common stock at $26.50 per share. 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.
Closing of the offering is expected to occur on or about November 23, 2009, subject to customary closing conditions. The net proceeds from the offering will be used for debt repayment, general corporate purposes, and funding of potential acquisitions or investments.
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