HOUSTON, Oct. 8 /PRNewswire-FirstCall/ -- Hercules Offshore, Inc. today announced that it has priced a private placement of $300 million of Senior Secured Notes due 2017, which will bear interest at a rate of 10.5% per annum. The notes are being sold at 97.383% of their face amount to yield 11.0%. The offering is expected to close on or about October 20, 2009, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering to repay a portion of the indebtedness outstanding under its term loan facility.
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This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. The securities offered have not been registered under the Securities Act of 1933 (the "Securities Act") or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws. The securities have been offered inside the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to persons outside the United States in reliance on Regulation S under the Securities Act.
This press release contains forward-looking statements. Forward-looking statements give the Company''s current expectations or forecasts of future events based on management''s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in Hercules Offshore''s filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Forward-looking statements in this press release relate to, among other things, the closing of the private placement and the use of proceeds therefrom. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. The forward-looking statements speak only as of the date made and, other than as required by law, Hercules Offshore undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Hercules Offshore, Inc.
CONTACT: Stephen M. Butz, Vice President Finance and Treasurer,
+1-713-350-8315, or Craig M. Muirhead, Assistant Treasurer, +1-713-350-8346,
both of Hercules Offshore, Inc.
Web Site: http://www.herculesoffshore.com/
