The Offshore Company
| Company Deal | 350,000 shares common stock; $35,000,000 5% convertible subordinated debentures due December 1, 1992 |
|---|---|
| Transaction Type | Convertible Subordinated Debentures |
| Deal Description | The Offshore Company used the net proceeds from this transaction to reduce indebtedness to banks incurred in connection with the purchase and construction of drilling equipment. A portion of the proceeds was used to repay indebtedness to Southern, and a portion to repay short-term indebtedness to banks incurred in connection with the payment of a dividend to Southern and McDermott. Any balance was added to the general funds of the company. |