Smith International launches stock offering

AP News
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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.

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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.