Hercules Offshore to repay revolver debt with convertibles proceeds

By Sara Rosenberg

New York, May 27 - Hercules Offshore Inc. plans to repay outstanding borrowings under its senior secured revolving credit facility using proceeds from a $250 million convertible senior notes offering, according to a news release.

Remaining proceeds will be used to repurchase up to $50 million of shares of the company's common stock and for other general corporate purposes.

Hercules is a Houston-based provider of offshore contract drilling, liftboat and inland barge services.

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