Hercules Offshore plans to price $300 million eight-year senior notes in Wednesday drive-by

By Paul A. Harris

Portland, Ore., March 12 - Hercules Offshore Inc. plans to price a $300 million offering of eight-year senior notes (expected ratings B3/B) Wednesday following a mid-morning conference call with investors, according to a market source.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., UBS Investment Bank and Capital One are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after three years at par plus 75% of the coupon.

The Houston-based provider of offshore services to the energy industry plans to use the proceeds to fund the tender for its 7 1/8% senior secured notes due 2017.

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