HOUSTON, March 22 /PRNewswire-FirstCall/ -- Cal Dive International, Inc.
(Nasdaq: CDIS) announced today its intention to offer, subject to market and
other conditions, approximately $240 million principal amount of Convertible
Senior Notes due 2025 in a private, unregistered offering to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of 1933,
as amended (the "Securities Act"). Upon conversion, Cal Dive will deliver
cash or a combination of cash and shares of its common stock. Cal Dive
expects to grant to the initial purchasers an option to purchase additional
notes. Cal Dive intends to use the net proceeds of the offering for general
corporate purposes including: a contribution to its 50/50 joint venture
Deepwater Gateway L.L.C. relating to early retirement of debt, identifiable
capital expenditures and potential acquisitions.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. The offering will be made
only to qualified institutional buyers in accordance with Rule 144A under the
Securities Act. The securities to be offered have not been registered under
the Securities Act, or any state securities laws, and unless so registered may
not be offered or sold in the United States, except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws.
SOURCE Cal Dive International, Inc.
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Related links:
http://www.caldive.com
CONTACT:
Wade Pursell, Chief Financial Officer of Cal
Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505
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