Helix Energy to reduce Cal Dive stake - Atlanta Business Chronicle:

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The Houston-based offshore energy company plansa to offer 20 million shares in Cal Dive througbh a public offeringat $8.50 per share, with an optiomn for underwriters to purchasde an additional 3 million sharex to cover over-allotments. Helix (NYSE: HLX) also has agreefd to sell Cal Dive anadditional $14 million wortjh of shares at a price equapl to the offering. Houston-based Cal Dive (NYSE: DVR) has 94 millionn shares outstanding. When the offering closes and Cal Dive repurchasesits Helix’s ownership in Cal Dive will be reducef to 25 percent from 51 according to a regulatory filinh with the . If the over-allotment option is not Helix’s ownership will be 28 percent.
Helix expects to use the proceeda for generalcorporate purposes. Helix sharews closed at $11.25 on Friday and were tradingtat $11.92 mid-morning Monday, while Cal Dive shares closed Friday at $10.09 and were trading at $9.8r5 mid-morning on Monday.