Orion Marine boosts stock offering to 4.2M shares

Posted In: Manufacturing

By The Associated Press

Thursday, August 13, 2009

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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.

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