424B3 1 h32947b3e424b3.htm CAL DIVE INTERNATIONAL, INC.- REGISTRATION NO.333-125276 e424b3
 

PROSPECTUS SUPPLEMENT NO. 3   FILED PURSUANT TO RULE 424(b)(3) and (c)
(TO PROSPECTUS DATED NOVEMBER 7, 2005)   FILE NO. 333-125276
$300,000,000
(CDI LOGO)

3.25% Convertible Senior Notes due 2025
 
     This prospectus supplement relates to the resale by the holders of the 3.25% Convertible Senior Notes due 2025 of Cal Dive International, Inc. and the shares of common stock issuable upon conversion of the notes.
     This prospectus supplement supplements and should be read in conjunction with the prospectus dated November 7, 2005 and supersedes the prospectus supplements dated December 16, 2005 and January 6, 2006. This prospectus supplement is not complete without, and may not be delivered or utilized except in connection with, the prospectus, including all amendments and supplements thereto which have not been otherwise superseded. The terms of the notes are set forth in the prospectus.
     The information in the prospectus appearing in the table under the heading “Selling Security Holders” is hereby modified and restated as set forth in the table below. The information below was furnished to us by the selling security holders listed below on or before January 25, 2006.
                                                 
                                            Number of
                            Number of   Number of   Shares of
                            Shares of   Shares of   Common
    Amount of   Percentage of   Amount of   Common   Common   Stock Upon
    Notes   Notes   Notes To   Stock   Stock That   Completion
    Beneficially   Beneficially   Be Sold ($)   Beneficially   May Be   of Offering
Selling Security Holder   Owned ($)   Owned   (1)   Owned (2)(3)   Sold (1)(3)   (1)
1976 Distribution Trust FBO A.R.
     4,000       *       4,000       124       124       0  
2000 Revocable Trust FBO Lauder/Zinter Hofer
     4,000       *       4,000       124       124       0  
Advent Convertible Master (Cayman)
     7,904,000       2.63       7,904,000       245,972       245,972       0  
Alcon Laboratories(4)
     274,000       *       274,000       8,526       8,526       0  
Aloha Airlines Non- Pilots Pension Trust
     35,000       *       35,000       1,089       1,089       0  
Aloha Pilots Retirement Trust
     20,000       *       20,000       622       622       0  
Argent Classic Convertible Arbitrage Fund L.P.
     190,000       *       190,000       5,912       5,912       0  
Argent Classic Convertible Arbitrage Fund II, L.P.
     110,000       *       110,000       3,423       3,423       0  
Argent Classic Convertible Arbitrage Fund (Bermuda) Ltd.
     1,590,000       *       1,590,000       49,480       49,480       0  

S-1

 

                                                 
                                            Number of
                            Number of   Number of   Shares of
                            Shares of   Shares of   Common
    Amount of   Percentage of   Amount of   Common   Common   Stock Upon
    Notes   Notes   Notes To   Stock   Stock That   Completion
    Beneficially   Beneficially   Be Sold ($)   Beneficially   May Be   of Offering
Selling Security Holder   Owned ($)   Owned   (1)   Owned (2)(3)   Sold (1)(3)   (1)
Argent LowLev Convertible Arbitrage Fund, LLC
     260,000       *       260,000       8,091       8,091       0  
Argent LowLev Convertible Arbitrage Fund II, LLC
     30,000       *       30,000       933       933       0  
Argent LowLev Convertible Arbitrage Fund Ltd.
     2,290,000       *       2,290,000       71,264       71,264       0  
Arlington County Employees Retirement System(4)
     578,000       *       578,000       17,987       17,987       0  
Aristeia International Limited
     11,760,000       3.92       11,760,000       365,971       365,971       0  
Aristeia Partners LP
     2,240,000       *       2,240,000       69,708       69,708       0  
Arkansas PERS
     680,000       *       680,000       21,161       21,161       0  
Asante Health Systems(4)
     90,000       *       90,000       2,800       2,800       0  
Astrazeneca Holdings Pension
     200,000       *       200,000       6,224       6,224       0  
Black Diamond Offshore Ltd.
     923,000       *       923,000       28,723       28,723       0  
Boilermakers Blacksmith Pension Trust
     900,000       *       900,000       28,008       28,008       0  
British Virgin Islands Social Security Board(4)
     80,000       *       80,000       2,489       2,489       0  
C&H Sugar Company, Inc.
     45,000       *       45,000       1,400       1,400       0  
CIBC World Markets(5)
     500,000       *       500,000       15,560       15,560       0  
CNH CA Master Account, L.P.
     24,000,000       8.00       24,000,000       746,880       746,880       0  
CALAMOS®c Convertible and High Income Fund
     9,000,000       3.00       9,000,000       280,080       280,080       0  
CALAMOS® Convertible Opportunities and Income Fund
     7,500,000       2.50       7,500,000       233,400       233,400       0  
CALAMOS® Global Growth & Income Fund — CALAMOS® Investment Trust
     1,600,000       *       1,600,000       49,792       49,792       0  
CALAMOS® Growth & Income Fund — CALAMOS® Investment Trust
     24,235,000       8.08       24,235,000       754,193       754,193       0  
CALAMOS® Growth & Income Portfolio — CALAMOS® Advisors Trust
     165,000       *       165,000       5,134       5,134       0  
CALAMOS® High Yield Fund — CALAMOS® Investment Trust
     3,000,000       1.00       3,000,000       93,360       93,360       0  

S-2

 

                                                 
                                            Number of
                            Number of   Number of   Shares of
                            Shares of   Shares of   Common
    Amount of   Percentage of   Amount of   Common   Common   Stock Upon
    Notes   Notes   Notes To   Stock   Stock That   Completion
    Beneficially   Beneficially   Be Sold ($)   Beneficially   May Be   of Offering
Selling Security Holder   Owned ($)   Owned   (1)   Owned (2)(3)   Sold (1)(3)   (1)
Calamos® Strategic Total Return Fund
     10,500,000       3.50       10,500,000       326,760       326,760       0  
CBARB, a segregated account of Geode Capital Master Fund, Ltd.
     2,000,000       *       2,000,000       62,240       62,240       0  
Chrysler Corporation Master Retirement Trust(4)
     1,870,000       *       1,870,000       58,194       58,194       0  
Citadel Equity Fund Ltd.(4)
     27,750,000       9.25       27,750,000       863,580       863,580       0  
City and County of San Francisco Retirement System
     966,000       *       966,000       30,061       30,061       0  
City University of New York(4)
     91,000       *       91,000       2,831       2,831       0  
Class C Trading Company, Ltd.
     210,000       *       210,000       6,535       6,535       0  
Credit Suisse First Boston LLC(5)
     1,000,000       *       1,000,000       31,120       31,120       0  
Delaware PERS
     390,000       *       390,000       12,136       12,136       0  
Delaware Public Employees Retirement System(4)
     786,000       *       786,000       24,460       24,460       0  
Delta Airlines Master Trust
     195,000       *       195,000       6,068       6,068       0  
Delta Air Lines Master Trust — CV(4)
     320,000       *       320,000       9,958       9,958       0  
Delta Pilots Disability & Survivorship Trust — CV(4)
     185,000       *       185,000       5,757       5,757       0  
Deutsche Bank Securities Inc.(5)
     45,000       *       45,000       1,400       1,400       0  
Double Black Diamond Offshore LDC
     5,441,000       1.81       5,441,000       169,323       169,323       0  
Drawbridge Global Macro Master Fund Ltd.
     3,000,000       1.00       3,000,000       93,360       93,360       0  
Duke Endowment
     180,000       *       180,000       5,601       5,601       0  
F.M. Kirby Foundation, Inc.(4)
     275,000       *       275,000       8,558       8,558       0  
Family Service Life Insurance Co.(4)
     100,000       *       100,000       3,112       3,112       0  
Frontpoint Convertible Arbitrage Fund, LP
     3,500,000       1.17       3,500,000       108,920       108,920       0  
Grady Hospital(4)
     85,000       *       85,000       2,645       2,645       0  
Guardian Life Insurance Co.(4)
     7,000,000       2.33       7,000,000       217,840       217,840       0  
Guardian Pension Trust(4)
     400,000       *       400,000       12,448       12,448       0  
HFRCA Global Select Master Trust Account
     190,000       *       190,000       5,912       5,912       0  

S-3

 

                                                 
                                            Number of
                            Number of   Number of   Shares of
                            Shares of   Shares of   Common
    Amount of   Percentage of   Amount of   Common   Common   Stock Upon
    Notes   Notes   Notes To   Stock   Stock That   Completion
    Beneficially   Beneficially   Be Sold ($)   Beneficially   May Be   of Offering
Selling Security Holder   Owned ($)   Owned   (1)   Owned (2)(3)   Sold (1)(3)   (1)
HFR CA Opportunity Mst. Trst(4)
     454,000       *       454,000       14,128       14,128       0  
HSBC Investments (USA) Inc. for the HSBC Multi-Strategy Arbitrage Fund(4)
     1,000,000       *       1,000,000       31,120       31,120       0  
Hallmark Convertible Securities Fund
     40,000       *       40,000       1,244       1,244       0  
Hawaiian Airlines Employees Pension Plan IAM
     10,000       *       10,000       311       311       0  
Hawaiian Airlines Pilots Retirement Plan
     35,000       *       35,000       1,089       1,089       0  
ICI American Holdings Trust
     145,000       *       145,000       4,512       4,512       0  
Independence Blue Cross(4)
     480,000       *       480,000       14,937       14,937       0  
Inflective Convertible Opportunity Fund I, L.P.
     1,045,000       *       1,045,000       32,520       32,520       0  
Inflective Convertible Opportunity Fund I, LTD.
     3,500,000       1.17       3,500,000       108,920       108,920       0  
International Truck & Engine Corporation Non-Contributory Retirement Plan Trust(4)
     165,000       *       165,000       5,134       5,134       0  
International Truck & Engine Corporation Retiree Health Benefit Trust(4)
     85,000       *       85,000       2,645       2,645       0  
International Truck & Engine Corporation Retirement Plan for Salaried Employees Trust(4)
     90,000       *       90,000       2,800       2,800       0  
J.P. Morgan Securities Inc.(5)
     1,500,000       *       1,500,000       46,736       46,680       56  
Lyxor Convertible Arbitrage Fund(4)
     642,000       *       642,000       19,979       19,979       0  
Lyxor/Inflective Convertible Opportunity Fund Limited
     1,003,000       *       1,003,000       31,213       31,213       0  
Lyxor/Quest Fund Ltd.
     2,000,000       *       2,000,000       62,240       62,240       0  
Merrill Lynch Insurance Group
     274,000       *       274,000       8,526       8,526       0  
Microsoft Corporation(4)
     275,000       *       275,000       8,558       8,558       0  
Municipal Employees
     133,000       *       133,000       4,138       4,138       0  

S-4

 

                                                 
                                            Number of
                            Number of   Number of   Shares of
                            Shares of   Shares of   Common
    Amount of   Percentage of   Amount of   Common   Common   Stock Upon
    Notes   Notes   Notes To   Stock   Stock That   Completion
    Beneficially   Beneficially   Be Sold ($)   Beneficially   May Be   of Offering
Selling Security Holder   Owned ($)   Owned   (1)   Owned (2)(3)   Sold (1)(3)   (1)
Municipal Employees Benefit Trust
     189,000       *       189,000       5,881       5,881       0  
New Orleans Firefighters Pension/Relief Fund
     53,000       *       53,000       1,649       1,649       0  
Nuveen Preferred and Convertible Fund JQC
     3,495,000       1.17       3,495,000       108,764       108,764       0  
Nuveen Preferred and Convertible Income Fund JPC
     2,600,000       *       2,600,000       80,912       80,912       0  
OCLC Online Computer Library Center Inc.
     20,000       *       20,000       622       622       0  
OCM Convertible Trust(4)
     525,000       *       525,000       16,338       16,338       0  
OCM Global Convertible Securities Fund(4)
     80,000       *       80,000       2,489       2,489       0  
Occidental Petroleum Corporation
     196,000       *       196,000       6,099       6,099       0  
Ohio Bureau of Workers Compensation
     110,000       *       110,000       3,423       3,423       0  
Partner Reinsurance Company Ltd.(4)
     320,000       *       320,000       9,958       9,958       0  
Policeman and Firemen Retirement System of the City of Detroit(4)
     340,000       *       340,000       10,580       10,580       0  
Pond Point Partners Master Fund, LTD.
     1,000,000       *       1,000,000       31,120       31,120       0  
Pro-Mutual
     570,000       *       570,000       17,738       17,738       0  
Putnam Convertible Income-Growth Trust(4)
     6,000,000       2.00       6,000,000       186,720       186,720       0  
Quest Global Convertible Master Fund Ltd.
     500,000       *       500,000       15,560       15,560       0  
Qwest Occupational Health Trust(4)
     105,000       *       105,000       3,267       3,267       0  
Qwest Pension Trust(4)
     280,000       *       280,000       8,713       8,713       0  
RBC Capital Markets(5)
     2,500,000       *       2,500,000       77,800       77,800       0  
RCG Baldwin LP(4)
     750,000       *       750,000       23,340       23,340       0  
RCG Halifax Master Fund, LTD(4)
     750,000       *       750,000       23,340       23,340       0  
RCG Latitude Master Fund, LTD(4)
     2,750,000       *       2,750,000       85,580       85,580       0  
RCG Multi Strategy Master Fund, LTD(4)
     1,000,000       *       1,000,000       31,120       31,120       0  
Ramius Capital Group(4)
     1,000,000       *       1,000,000       31,120       31,120       0  

S-5

 

                                                 
                                            Number of
                            Number of   Number of   Shares of
                            Shares of   Shares of   Common
    Amount of   Percentage of   Amount of   Common   Common   Stock Upon
    Notes   Notes   Notes To   Stock   Stock That   Completion
    Beneficially   Beneficially   Be Sold ($)   Beneficially   May Be   of Offering
Selling Security Holder   Owned ($)   Owned   (1)   Owned (2)(3)   Sold (1)(3)   (1)
Ramius Master Fund LTD(4)
     2,750,000       *       2,750,000       85,580       85,580       0  
Sage Capital Management, LLC
     500,000       *       500,000       15,560       15,560       0  
Silver Convertible Arbitrage Fund, LDC
     250,000       *       250,000       7,780       7,780       0  
Silverback Conv Arb Master
     10,000,000       3.33       10,000,000       311,200       311,200       0  
State Employees’ Retirement Fund of the State of Delaware(4)
     450,000       *       450,000       14,004       14,004       0  
State of Oregon Equity
     1,925,000       *       1,925,000       59,906       59,906       0  
Susquehanna Capital Group(5)
     3,000,000       1.00       3,000,000       93,360       93,360       0  
Syngenta AG
     135,000       *       135,000       4,201       4,201       0  
TCW Group Inc.
     4,730,000       1.58       4,730,000       147,197       147,197       0  
The Grable Foundation(4)
     54,000       *       54,000       1,680       1,680       0  
The St. Paul Travelers Companies, Inc. — Commercial Lines(4)
     600,000       *       600,000       18,672       18,672       0  
Trustmark Insurance
     220,000       *       220,000       6,846       6,846       0  
UBS O’Connor LLC F/B/O O’Connor Global Convertible Arbitrage Master Limited
     8,000,000       2.67       8,000,000       248,960       248,960       0  
UBS O’Connor LLC F/B/O O’Connor Global Arbitrage II Master Limited
     3,000,000       1.00       3,000,000       93,360       93,360       0  
UBS Securities LLC(5)
     7,510,000       2.50       7,510,000       233,711       233,711       0  
UnumProvident Corporation(4)
     175,000       *       175,000       5,446       5,446       0  
Vicis Capital Master Fund
     12,000,000       4.00       12,000,000       373,440       373,440       0  
Virginia Retirement System(4)
     940,000       *       940,000       29,252       29,252       0  
Waterstone Market Neutral MAC51, Ltd.
     2,390,000       *       2,390,000       74,376       74,376       0  
Waterstone Market Neutral Master Fund, Ltd.
     9,312,000       3.10       9,312,000       289,789       289,789       0  
Xavex Convertible Arbitrage 2 Fund
     70,000       *       70,000       2,178       2,178       0  
Xavex Convertible Arbitrage 5 Fund
     1,000,000       *       1,000,000       31,120       31,120       0  
Xavex Convertible Arbitrage 10 Fund
     100,000       *       100,000       3,112       3,112       0  
Unidentified Selling Security Holders
     26,194,000       8.73       26,194,000       815,194 (6)     815,194 (6)     0  
Total
     300,000,000       100       300,000,000       9,335,944       9,336,000       56  

S-6

 

 
*   Less than 1%
 
(1)   Because a selling security holder may sell all or a portion of the notes and common stock issuable upon conversion of the notes pursuant to this prospectus, an estimate can not be given as to the number or percentage of notes and common stock that the selling security holder will hold upon termination of any sales. The information presented assumes that all of the selling security holders will fully convert the notes for cash and shares of our common stock and that the selling security holders will sell all shares of our common stock that they received pursuant to such conversion.
 
(2)   Includes shares of common stock issuable upon conversion of the notes.
 
(3)   The number of shares of our common stock issuable upon conversion of the notes is calculated assuming (i) that the notes are worth $600,000,000 at the time of conversion, with the $300,000,000 principal amount paid in cash and the remaining $300,000,000 paid in shares of our common stock and (ii) the conversion of the full amount of notes held by such holder at the conversion rate of 31.1200 shares per $1,000 principal amount of the notes, which is equivalent to a conversion price of approximately $32.14. This conversion rate is subject to adjustment as described under “Description of Notes — Conversion Price Adjustments”. Accordingly, the number of shares of our common stock to be sold may increase or decrease from time to time. As a result of the Company’s two for one stock split paid on December 8, 2005, effective as of December 2, 2005, the initial conversion rate of the notes of 15.5600, which was equivalent to a conversion price of approximately $64.27 per share of common stock, was changed to 31.1200 shares of common stock per $1,000 principal amount of the notes, which is equivalent to a conversion price of approximately $32.14 per share of common stock. Fractional shares will not be issued upon conversion of the notes. Cash will be paid instead of fractional shares, if any.
 
(4)   This selling security holder has identified itself as an affiliate of a registered broker-dealer and has represented to us that such selling security holder acquired its notes or underlying common stock in the ordinary course of business and, at the time of the purchase of the notes or the underlying common stock, such selling security holder had no agreements or understandings, directly or indirectly, with any person to distribute the notes or underlying common stock. To the extent that we become aware that such selling security holder did not acquire its notes or underlying common stock in the ordinary course of business or did have such an agreement or understanding, we will file a post- effective amendment to the registration statement of which this prospectus forms a part to designate such affiliate as an “underwriter” within the meaning of the Securities Act of 1933.
 
(5)   This selling security holder has identified itself as a registered broker-dealer and, accordingly, it is deemed to be, under the interpretations of the Securities and Exchange Commission, an “underwriter” within the meaning of the Securities Act of 1933. Please see “Plan of Distribution” for required disclosure regarding these selling security holders.
 
(6)   Due to the effects of rounding, does not equal exactly 31.1200 shares per $1,000 principal amount of the notes.

S-7

 

     Selling security holders who are registered broker-dealers are deemed to be “underwriters” within the meaning of the Securities Act of 1933. In addition, selling security holders who are affiliates of registered broker-dealers may be deemed to be “underwriters” within the meaning of the Securities Act of 1933 if such selling security holder (i) did not acquire its notes or underlying common stock in the ordinary course of business or (ii) had any agreement or understanding, directly or indirectly, with any person to distribute the notes or underlying common stock. To our knowledge, no selling security holder who is a registered broker-dealer or an affiliate of a registered broker-dealer received any securities as underwriting compensation.
 
     Investing in the notes involves risks. See “Risk Factors” beginning on page 6 of the prospectus.
 
     Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of the prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.
 
The date of this prospectus supplement is February 10, 2006

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