Smith International closes sale of 28M shares

AP News
Posted: Nov 23, 2009 5:06 PM

Oilfield services company Smith International Inc. said Monday it sold 28 million new shares of stock at $26.50 per share.

Smith announced the public offering on Nov. 16. It said the proceeds will be used to pay back debt, to fund acquisitions or investments, and for general corporate purposes. The book-running manager of the offering was JPMorgan Securities.

Smith International shares finished at $27.19 Monday, and in aftermarket trading, they rose 30 cents to $27.49.