Key Developments For Hercules Offshore, Inc.
Hercules Offshore, Inc. (HERO.O) (Nasdaq)
Hercules Offshore, Inc. Prices Private Placement Of Senior Secured Notes
Hercules Offshore, Inc. announced that it has priced a private placement of $300 million of senior secured notes due 2017, which will bear interest at a rate of 10.5% per annum. The notes are being sold at 97.383% of their face amount to yield 11.0%. The offering is expected to close on or about October 20, 2009, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering to repay a portion of the indebtedness outstanding under its term loan facility.
Hercules Offshore, Inc. Announces Private Placement Of Senior Secured Notes
Hercules Offshore, Inc. announced its intention, subject to market conditions, to offer up to $300 million principal amount of senior secured notes due 2017 through a private placement. Hercules Offshore intends to use the net proceeds from this offering to repay a portion of the indebtedness outstanding under its term loan facility.
Hercules Offshore, Inc. Prices Public Offering Of Common Stock
Hercules Offshore, Inc. announced that it 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.
Hercules Offshore, Inc. Issues Q3 2009 Revenue Outlook Below Analysts' Estimates-AP
The Associated Press reported that Hercules Offshore, Inc. forecast third quarter 2009 revenue of $155 to $160 million. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $171 million for the same period.
Hercules Offshore, Inc. Announces Public Offering of Common Stock
Hercules Offshore, Inc. announced its intention, subject to market conditions, to publicly offer up to 17.5 million shares of common stock in an underwritten public offering. The underwriters for the offering will also have the option to purchase up to 2,625,000 additional shares of common stock on the same terms and conditions to cover over-allotments, if any. The Company intends to use the net proceeds from the offering, including any net proceeds from the underwriters' exercise of their over-allotment option, to repay a portion of the 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. and UBS Investment Bank are serving as Joint Book running Managers of the offering.
