Hercules Offshore to price $400 million eight-year notes this week

By Paul A. Harris

Portland, Ore., June 24 - Hercules Offshore, Inc. plans to price a $400 million offering of eight-year senior notes (existing B3/confirmed B) toward the end of the present week, according to an informed source.

Deutsche Bank Securities Inc., UBS Investment Bank, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Pareto Securities are the joint bookrunners.

ABN Amro, Capital One Southcoast, Comerica Securities, Natixis Securies and Tudor Pickering Holt & Co. are the co-managers.

The Rule 144A and Regulation S with registration rights notes will come with four years of call protection.

Proceeds, together with cash on hand, including $104 million expected from the sales of its inland barge rigs, domestic liftboats and related assets, will be used to fund the acquisitions of shares of Discovery Offshore SA and for the final payment of $333.9 million due for Discovery Triumph and Discovery Resilience.

The prospective issuer is a Houston-based operator of rigs and marine support vessels.

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