Horizon Offshore issues stock in exchange for $5.2 million 8% notes

By Angela McDaniels

Seattle, Dec. 30 - Horizon Offshore Inc. has exchanged 13,829,169 shares of its common stock for $5.2 million of its 8% subordinated secured notes due 2010, according to an 8-K report filed with the Securities and Exchange Commission.

The company entered into the exchange agreement with selected holders of the 8% notes on Dec. 23 at an exchange ratio of one share for each $0.38 of note debt exchanged.

Additionally, the company converted the remainder of its subordinated convertible notes due 2010 on Thursday, increasing the number of shares of common stock outstanding by 5,072,736.

Horizon Offshore is a marine construction company based in Houston.

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