GulfMark to repay revolver debt with common stock proceeds

By Sara Rosenberg

New York, Dec. 4 - GulfMark Offshore, Inc. plans to repay amounts borrowed under its existing revolving credit facility using proceeds from an offering of 2 million of its common stock shares, according to an FWP filed with the Securities and Exchange Commission Monday.

Estimated net proceeds from the offering will be $76.9 million, or $88.4 million if the underwriter exercises its over-allotment option in full.

Remaining proceeds after the debt repayment will be used for general corporate purposes, which may include funding of its new vessel construction program and the acquisition of other vessels.

GulfMark is a Houston-based provider of offshore marine services.

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