By The Associated Press
Thursday, August 13, 2009
Orion Marine Group Inc. on Thursday raised its common stock offering to 4.2 million shares, up from 3.5 million shares, and priced the shares at $19.70 each.
Underwriters have a 30-day option to purchase up to an additional 630,000 shares of common stock to cover over-allotments, if any.
The marine construction and services contractor said it expects net proceeds of up to about $91 million. Orion plans to use the proceeds to pay about $30 million in debt and to fund capital spending, possible future acquisitions and general corporate purposes.
Shares of the company rose 55 cents to $20.25 in premarket trading.
