Horizon Offshore Completes Private Placement of Stock

Wednesday, December 21, 2005
Horizon Offshore, Inc. recently completed a private placement of restricted shares of common stock with several accredited investors. The company issued 52,650,000 common shares at $0.38 per share raising $20,007,000 before deducting commissions and other expenses. The net proceeds from the private placement will be used for working capital and general corporate purposes. Energy Capital Solutions acted as the company's placement agent in connection with this private placement. The company also announced that it had contemporaneously exchanged $8,000,000 in aggregate principal amount of its 8% subordinated notes for non-interest bearing convertible notes that are convertible into shares of the company's common stock at $0.38 per share until December 31, 2005. The company also has offered those holders of its 8% subordinated notes who did not participate in the exchange and hold approximately $5.2 million the opportunity to convert their notes into common stock on the same terms as the private placement.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

‘Blue Queen’ on First Mission

The platform supply vessel 'Blue Queen', an ULSTEIN PX121 design, was named at Ulstein Verft on Friday 27 February. The ship will be working in the spot market.

Fiji Maritime Academy Bullish on Prospects

The Fiji Maritime Academy (FMA) is on the right track to become one of the finest maritime training institutions in the region. It has also achieved an important

LNG

IACS and European Commission Hold Joint Workshop to Kick Off European Shipping Week

The International Association of Classification Societies (IACS) held a joint workshop in Brussels with the European Commission to kick off European Shipping Week, the association announced today.

BG Group's Australian Project Helping to Double LNG Supplies

A smooth start to operations at BG Group's Australian project in Queensland is expected to help the British company to roughly double its liquefied natural gas (LNG) supplies in 2015/16,

EC Study on LNG as Shipping Fuel Reveals Industry Backing

As efforts to combat climate change increase worldwide, pollution stemming from maritime shipping presents a particular challenge.     The study on the perception

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1729 sec (6 req/sec)