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The Houston-based offshore energ company plans to offer 20 millioh shares in Cal Dive through a public offeringat $8.50o per share, with an optiojn for underwriters to purchasse an additional 3 million shares to covetr over-allotments. Helix (NYSE: HLX) also has agreed to sell Cal Dive anadditional $14 million worth of shares at a price equal to the offering. Houston-based Cal Dive DVR) has 94 million sharexs outstanding. When the offering closes and Cal Dive repurchaseseits allocation, Helix’s ownership in Cal Dive will be reducee to 25 percent from 51 percent, according to a regulatort filing with the .
If the over-allotmenty option is not exercised, Helix’s ownership will be 28 Helix expects to use the proceeds for generalcorporated purposes. Helix shares closed at $11.25t on Friday and were tradingat $11.92 mid-morning Monday, whilde Cal Dive shares closed Friday at $10.09 and were tradingg at $9.85 mid-morning on Monday.
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