* To use proceeds to repay its term loan
* Shares fall more than 10 percent in after-hours trade
Sept 23 (Reuters) - Hercules Offshore Inc said it plans to offer up to 17.5 million shares in a public offering to repay debt, sending its shares down more than 10 percent in after-market trade.
The offshore driller said underwriters for the offering will also have the option to purchase up to 2.6 million additional shares to cover over-allotments, if any.
Morgan Stanley and UBS Investment Bank are serving as joint bookrunning managers of the offering.
Shares of the company were down by 63 cents at $5.66 in after-market trade. The stock had closed at $6.29 Wednesday on Nasdaq.
(Reporting by Arundhati Ramanathan in Bangalore; Editing by Maju Samuel) Keywords: HERCULESOFFSHORE/ (arundhati.ramanathan@thomsonreuters.com; within U.S. +646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arundhati.ramanathan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Shares fall more than 10 percent in after-hours trade
Sept 23 (Reuters) - Hercules Offshore Inc said it plans to offer up to 17.5 million shares in a public offering to repay debt, sending its shares down more than 10 percent in after-market trade.
The offshore driller said underwriters for the offering will also have the option to purchase up to 2.6 million additional shares to cover over-allotments, if any.
Morgan Stanley and UBS Investment Bank are serving as joint bookrunning managers of the offering.
Shares of the company were down by 63 cents at $5.66 in after-market trade. The stock had closed at $6.29 Wednesday on Nasdaq.
(Reporting by Arundhati Ramanathan in Bangalore; Editing by Maju Samuel) Keywords: HERCULESOFFSHORE/ (arundhati.ramanathan@thomsonreuters.com; within U.S. +646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arundhati.ramanathan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
