Smith raises $717 mln in stock offering

AP News
Posted: Dec 18, 2009 4:45 PM

Smith International Inc., a maker of drilling tools and other products for the oil and gas industries, said Friday it received $717 million after expenses from selling 28 million shares of common stock.

Additional shares were available through an overallotment option, but they didn't sell.

The stock offering closed on Nov. 23 and the overallotment option expired on Dec. 16.

Shares of Smith International, based in Houston, ended down 35 cents to $26.80.