Hercules Offshore selling $300 million eight-year notes Tuesday

By Paul A. Harris

Portland, Ore., Sept. 17 - Hercules Offshore, Inc. plans to price a $300 million offering of eight-year senior notes (existing ratings B3/B) on Tuesday, according to a market source.

Deutsche Bank Securities Inc., UBS Investment Bank, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Capital One Securities are managing the Rule 144A and Regulation S deal.

The notes come with three years of call protection.

The Houston-based provider of offshore drilling equipment and services plans to use the proceeds, together with cash on hand, to take out its 10½% senior secured notes due 2017.

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