Hornbeck increasing revolver to a borrowing base of at least $200 million

By Sara Rosenberg

New York, Jan. 9 - Hornbeck Offshore Services Inc. is in the process of increasing its revolving credit facility to a borrowing base of at least $200 million from $100 million, according to a news release.

The revolver, which is presently undrawn, has an accordion feature that allows for a maximum available borrowing base of $250 million.

Proceeds from the upsized facility, along with cash on hand, will be used to fund the acquisition of the Superior Achiever, a T-22 class DP-3 new generation multi-purpose support vessel, from Superior Offshore International Inc., fund the expansion of its current offshore supply vessel newbuild program and fund the purchase of a leasehold interest in a parcel of improved real estate adjacent to HOS Port, its existing shore-base facility located in Port Fourchon, La.

The cost of these transactions is about $190 million in the aggregate.

Hornbeck is a Covington, La.-based provider of technologically advanced, new generation offshore supply vessels.

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