Hercules Offshore Prices Share Offering At $5 Each

HOUSTON (AP) — Hercules Offshore Inc. has priced a public offering of 17.5 million shares of common stock at $5 each, a slight discount to the stock's closing price Thursday.

The oil and gas drilling company said it plans to use the proceeds to pay down debt and for general expenses. The offering is scheduled to close on Sept. 30.

Underwriters have the option to buy an additional 2.6 million shares if demand exceeds initial supply. Morgan Stanley & Co. and UBS Investment Bank are joint book-running managers. ...