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Hercules gets tenders for 84.54% of 10½% notes by consent deadline
By Susanna Moon
Chicago, Oct. 1 - Hercules Offshore, Inc. said investors had tendered $253,625,000 principal amount, or 84.54%, of its outstanding $300 million of 10½% senior secured notes due 2017 by 5 p.m. ET on Sept. 30, the consent date.
Those notes were set for settlement on Oct. 1.
Hercules Offshore entered into a supplemental indenture to the notes to eliminate most of the restrictive covenants and some event of default provisions.
As previously announced, the total purchase price will be $1,058.75 per $1,000 principal amount of notes tendered by the consent date. The total payment includes a cash consent payment of $5.00 per $1,000 principal amount.
Holders who tender their notes after the consent date will receive the tender payment of $1,053.75 per $1,000 of notes.
The tender offer will continue until 11:59 p.m. ET on Oct. 15. The offer began Sept. 17.
Tendered notes may no longer be withdrawn as of the consent date.
The company also will pay accrued interest up to but excluding the payment date, which will be Oct. 16 for notes tendered after the consent date.
Holders who tender their notes are required to consent to the proposed amendments to the note indenture, as noted before.
The offer is conditioned on the company receiving consents for at least a majority of the notes, which has now been satisfied, and the company securing proceeds from the capital markets of at least $300 million by the initial settlement date of Oct. 1.
Hercules Offshore priced $300 million of eight-year senior notes at par to yield 7½% on Sept. 17, as reported by Prospect News.
Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 488-8075) is the documentation agent.
The company is a Houston-based provider of offshore drilling equipment and services.
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