Hercules Offshore issues stock for $45.8 million 3.375% convertibles

By Jennifer Chiou

New York, June 18 - Hercules Offshore, Inc. announced that it will issue 7,755,440 shares of its common stock and pay accrued interest in exchange for $45.8 million of its 3.375% convertible senior notes due 2038.

The company said it will retire the acquired notes.

At the closing of the exchange, expected for June 23, the company said that $95.9 million of the convertibles will remain outstanding.

Houston-based Hercules is an offshore contract drilling, lifeboat and inland barge services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.