TESCO NEED MONEY
HOUSTON, Texas, June 8, 2016 /PRNewswire/ -- Tesco Corporation (the "Company") (NASDAQ: TESO) today announced that it has priced its underwritten public offering of 7,000,000 common shares of the Company at a price to the public of $7.00 per share. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,050,000 common shares at the offering price (less the underwriting discounts). The Company expects to close the sale of the common shares on June 14, 2016, subject to customary closing conditions.
The Company intends to use the net proceeds of the offering for general corporate purposes, which could include working capital, capital expenditures, acquisitions or other initiatives.
BofA Merrill Lynch is acting as the sole book-running manager for the offering.
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