Smith International launches stock offering

AP News
Posted: Nov 16, 2009 4:45 PM

Smith International Inc., a provider of products and services used by operators during the drilling, completion and production phases of oil and natural gas development activities, said Monday it has launched a public offering of 28 million shares of its common stock.

The company will use the proceeds to repay debt, fund potential acquisitions or investments and for general corporate purposes.

The underwriters have a 30-day option to purchase up to 4.2 million additional shares of common stock to cover over-allotments, if any.