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Atwood Oceanics may pay down credit facility with stock proceeds
By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Atwood Oceanics, Inc. may repay borrowings under its credit facility with some proceeds of an offering of 13.5 million shares of its common stock, according to a company news release.
The company may also use proceeds from the offering to redeem some of its 6½% senior notes due 2020, for working capital and capital expenditures and to enhance its liquidity.
Goldman Sachs & Co. is acting as bookrunner for the offering.
Atwood is an offshore drilling company based in Houston.
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