Helix Energy (HLX) Prices Offering of 20M Cal Dive (DVR) Shares at $8.50/Share
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Helix Energy Solutions (NYSE: HLX) announced today that its secondary offering of 20 million shares in its majority owned subsidiary, Cal Dive International, Inc. (NYSE: DVR), was priced at $8.50 per share.
Shares of Cal Dive closed at $8.70 yesterday.
Helix also has entered into an agreement with Cal Dive under which, simultaneously with and conditioned upon closing the offering, it will sell to Cal Dive an additional 1,647,058 shares of Cal Dive stock for a purchase price of $14 million (or $8.50 per share, the price per share under the offering).
After the closing of offering and the Cal Dive repurchase transaction, Helix's ownership interest in Cal Dive will be reduced from approximately 51% to approximately 28% assuming the underwriters' over-allotment option is not exercised, and from approximately 51% to approximately 25% assuming the underwriters' over-allotment option is fully exercised.
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