Drilling and oil-services provider
priced a public offering of 8 million shares at $36 each.
Of the total, only 1.6 million were new shares being sold by Hercules. The other 6.4 million shares were offered by stockholders. Hercules expects to receive around $54.3 million in proceeds.
The company plans to use the new funds to repay debt and for other general corporate purposes. The selling stockholders granted the underwriters, Credit Suisse and Citigroup, an option to buy up to 1.2 million additional shares to cover any overallotments.
Shares of Hercules were slipping 22 cents to $36.15.