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Hercules Offshore To Offer Debt, Stock To Repay Loan, Fund Rig Buy

DOW JONES NEWSWIRES Hercules Offshore Inc. (HERO) unveiled plans to sell in a private placement $500 million of debt and offer 20 million shares of stock as the offshore-drilling company looks to repay all outstanding debt under its existing term loan and fund a new rig acquisition. Shares were down 2.4% at $4.96 after hours. Since the close, the stock was up 21% over the past three months. Hercules, which has racked up more than three years of losses, became the biggest rig contractor in the Gulf of Mexico's shallow waters when it closed on a deal in April to acquire the rigs of weakened rival Seahawk Drilling Inc. It said Tuesday it agreed to buy the offshore-drilling rig Ocean Columbia from a subsidiary of Diamond Offshore Drilling Inc. (DO) for $40 million in cash. It also entered into a $106-million, three-year drilling contract with Saudi Aramco for use of the rig. Hercules said it plans to spend an additional $45 million to repair and upgrade the rig as well as move it from the Gulf of Mexico to the Middle East. The company plans to acquire the rig in May and start its contract with Saudi Aramco in November. Hercules said it plans to sell 20 million shares, using 50% of the proceeds to pay off a term loan facility. The rest will go toward the Ocean Columbia acquisition, refurbishment and relocation. The company said it plans to sell up to $300 million in senior secured notes due 2017 and $200 million in senior notes due 2019, also to repay the term loan, and use the rest for general corporate purposes, including the Ocean Columbia project. In January, Standard & Poor's Ratings Services raised its outlook on the company, saying it is benefiting from improving day rates and utilization of its jack-up rigs in the Gulf of Mexico. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Hercules Offshore (HERO)
DateTimeHeadline
04/22/201516:45:39Current Report Filing (8-k)
04/22/201516:40:00Hercules Offshore, Inc. Provides April Fleet Status Report
04/20/201520:12:00Hercules Offshore, Inc. Announces First Quarter 2015 Earnings...
04/09/201518:36:22Halcon Resources bonds rise as Franklin swap lowers debt
04/05/201503:05:10Hercules Offshore To Bleed $50m+ Of Cash In Q1
04/02/201508:51:22Hercules signs drillship deal for West Africa work
04/02/201507:00:00Hercules Offshore Announces Five Year Contract for Hercules 260
04/01/201516:10:11Additional Proxy Soliciting Materials (definitive) (defa14a)
04/01/201516:07:32Proxy Statement (definitive) (def 14a)
03/30/201518:52:01Hercules Offshore receives bid deficiency notice from Nasdaq
03/30/201516:32:24Current Report Filing (8-k)
03/24/201501:08:39Hercules Offshore: Complete Fleet Status As Of March 23, 2015...
03/23/201518:08:29Finding Safe Dividends In The Unloved Contract Drilling Services...
03/23/201516:39:53Current Report Filing (8-k)
03/23/201516:37:00Hercules Offshore, Inc. Provides March Fleet Status Report
03/20/201518:31:23Seadrill Should Make An Acquisition
03/18/201509:12:28Offshore Drillers Are Now At Risk From Contract Cancellations
03/10/201506:01:44Notice of Effectiveness (effect)
03/05/201517:04:03Post-effective Amendment to Registration Statement (pos Am)
03/04/201516:50:25Statement of Changes in Beneficial Ownership (4)

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