(ORIG) Prices 28.6M Common Offering at $7/Sharel CEO Economou to Make $10M Purchase(SHORT SELL TO KILL, NOW)$7.14 June 3, 2015 10:34 AM EDT
Ocean Rig UDW (NASDAQ: ORIG) announced that it priced the offering of 28,571,428 shares of its common stock, par value $0.01 per share, at a price of $7.00 per share. The offering is expected to close on June 8, 2015. As part of the offering, George Economou, our Chairman, President and Chief Executive Officer, is purchasing $10 million, or 1,428,571 shares, of common stock in the offering at the public offering price, a number of common shares that maintains his direct ownership in Ocean Rig, representing approximately five percent of its common stock.
Clarksons Platou Securities, Inc., Pareto Securities Inc. and Seaport Global Securities LLC are acting as joint lead managers, joint bookrunners and placement agents in the offering. Clarksons Platou Securities AS and Pareto Securities AS are acting as placement agents. Clarksons Platou Securities AS and Pareto Securities AS are not U.S. registered broker-dealers and to the extent that this offering is made within the United States, their activities will be affected only to the extent permitted by Rule 15a-6 of the Securities Exchange Act of 1934, as amended. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the acquisition of drilling rigs.
The Company's common shares trade on the Nasdaq Global Select Market under the symbol "ORIG."
Moody's warns on Quiksilver, risk of default!!! Jun 12 2015, 13:16 ET SA News Moody's downgrades the corporate family of debt for Quiksilver (ZQK -1.7%) to Caa2 from B3 and raises the risk of default. The ratings agency warns that without substantial improvements in earnings over the next two years, refinancing Quiksilver's capital structure could be tricky. QZK -69.2% YTD.
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