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October 9, 2009 (FinancialWire) -- Hercules Offshore, Inc. (NASDAQ: HERO | Quote | Chart | News | PowerRating) 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 year.
The notes are being sold at 97.383% of their face amount to yield 11%. The offering is scheduled to close on or about October 20.
Hercules Offshore plans to use the net proceeds from the offering to repay a portion of the indebtedness outstanding under its term loan facility.
Houston-based Hercules Offshore is a provider of shallow water offshore drilling and liftboat services.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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