Smith International
(SII)
, a supplier of products and services to the oil and gas exploration and production industry and petrochemical industry, said it is selling its $275 million of senior notes due 2016.
The Houston-based company intends to use the net proceeds to repay its debt under its U.S. revolving credit facility and for general corporate purposes.
Merrill Lynch & Co. is acting as sole book-running manager on the transaction.
The company's stock fell 76 cents, or 2%, to $37.38 Monday.
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