S&P affirms Hercules

Standard & Poor's said it affirmed the BB bank loan and recovery rating of 2 on the $1.15 billion senior secured credit facilities of Hercules Offshore Inc. (BB-/stable).

The affirmation follows the company increasing its revolving credit facility by $100 million. The first-lien facilities now consist of a $250 million revolving credit facility and a $900 million term loan.

Proceeds will be used for working capital, capital expenditures and general corporate purposes.

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