This new move will add more than 219 million outstanding as of earlier this month. Smith plans to use the proceeds for debt repayment, general corporate purposes and potential acquisitions or investments. The company, based in Houston, has given underwriters a 30-day option to buy 4.2 million shares if necessary under the offering, with JP Morgan acting as book-running manager.
Smith handed back the day’s 4.5 percent gain in after-hours trading today, dropping 5.1 percent to $29.19. This values the 28 million shares now on offer at $817 million.
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