Past year: ▼ 95%(5.90c – 1.24 USD)
Each one in plain English, with the numbers worked through for a shareholder.
24 June 2013capital raising announcement▲ GoodMajor
Hercules moved to exit the liftboat business it was built on -- selling its entire U.S. Gulf of Mexico liftboat fleet (29 marketed, 10 cold-stacked) to All Coast, LLC for about $54 million -- while launching a tender offer for the rest of Discovery Offshore S.A., a $400 million note offering, and a buyback that retired all but $7 million of its original 2038 convertible notes: a wholesale repositioning into modern high-spec jackups.
20 Mar 2012capital raising announcement● NeutralMajor
Hercules announced plans to sell 20 million shares of stock (plus a 3 million-share over-allotment option) to help fund its pending acquisition of the drilling rig Ocean Columbia and pay down term-loan debt. (Corrected from production_update: the filing is a stock-offering press release, not a fleet status report.)
23 Dec 2011capital raising announcement● Neutral
The bankruptcy court finished distributing the Hercules shares issued to fund the Seahawk acquisition to Seahawk's creditors -- about 5.3 million shares in October 2011 and a further 14.1 million approved for release in December, stock that is now free to trade and could pressure the market.
11 Feb 2011capital raising announcement▲ GoodMajor
Hercules agreed to buy all 20 jackup rigs of rival Seahawk Drilling out of Chapter 11 bankruptcy for $100 million ($25 million cash plus 22.3 million Hercules shares valued at just $3.36 each, versus the $33.95 it had paid for its own stock in 2008) -- consolidating the jackup market as a weaker competitor failed, while also flagging a non-cash impairment on its own cold-stacked rigs amid the post-Macondo drilling slowdown.
8 Oct 2009capital raising announcement▼ BadMajor
Hercules closed out its stock offering with a small over-allotment (1.3 million more shares, ~$6.3 million) and priced its new $300 million notes at a steep 10.50% coupon -- expensive, high-yield-market pricing that reflects the market's view of its credit risk.
5 Oct 2009capital raising announcement▼ BadMajor
Hercules announced plans to privately place up to $300 million of senior secured notes due 2017, the next step in shoring up its balance sheet after the covenant-breach warning.
18 June 2009capital raising announcement▼ BadMajor
With the drilling downturn underway, Hercules persuaded holders of $45.8 million of its 2038 convertible notes to swap them for 7.76 million new shares, shrinking the notes outstanding to about $95.9 million -- trading dilution for debt reduction, the first sign of balance-sheet stress since the notes were sold in 2008.
3 June 2008capital raising announcement● NeutralMajor
Hercules raised $250 million selling 3.375% convertible notes due 2038, using $49.2 million of the proceeds to buy back 1.45 million shares at $33.95 and the rest to pay down its revolver -- new long-dated debt taken on near the top of the offshore drilling cycle.
3 Nov 2006capital raising announcement● Neutral
Hercules's pre-IPO private-equity sponsors (Greenhill Capital Partners and LR-Hercules Holdings) exercised their registration rights to force a public resale of 7.5 million shares -- the sponsors beginning to cash out, not new capital coming into the company.
