DOW JONES NEWSWIRES
Rowan Cos. (RDC) said it will offer $375 million in 10-year
senior unsecured notes as the oil-services provider becomes the
latest company looking to tap the markets for fresh capital.
Many companies have been taking advantage of investor interest
in stock and bond sales to raise capital in recent months.
Rowan, which provides offshore contract drilling and aviation
services, said it would use the proceeds from the offering for
general corporate purposes.
The company has been seeing solid performance from its drilling
and manufacturing units recently, but has still been looking to cut
costs like many others in the industry. In May, it reported
first-quarter earnings jumped 34% as revenue increased 19%.
Rowan said at the time that weakening demand for drilling
services and equipment was continuing to pressure revenue.
Shares closed Tuesday at $18.77 and haven't traded premarket.
The stock is off 55% in the last year.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353;
kerry.benn@dowjones.com
Order free Annual Report for Rowan Companies
Visit http://djnewswires.ar.wilink.com/?link=RDC or call
1-888-301-0513
