Hercules Offshore to repay some term loan debt with IPO proceeds

By Sara Rosenberg

New York, July 8 - Hercules Offshore Inc. plans to repay a portion of its new $140 million senior secured term loan with proceeds from an initial public offering of common stock, according to an S-1 filed with the Securities and Exchange Commission Friday.

Remaining proceeds from the IPO will be used for corporate purposes, which may include the acquisition and refurbishment of the Odin Spirit and the acquisition of additional rigs and liftboats.

The term loan, which just closed in June, is priced with an interest rate of Libor plus 325 basis points and contains 101 soft call protection for one year.

Hercules Offshore is a Houston-based jack-up drilling and liftboat contractor.

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