Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hornbeck Offshore Services Inc. > News item |
Hornbeck Offshore Services may temporarily repay revolver debt with IPO
By Sara Rosenberg
New York, Sept. 19 - Hornbeck Offshore Services Inc. may repay debt under its revolver with proceeds from an initial public offering and then reborrow the money to help fund the construction of ocean-going, double-hulled tank barges, the retrofit of certain existing vessels, possible future acquisitions or additional new vessel construction, and for general corporate purposes, according to a filing with the Securities and Exchange Commission.
The company has a $50 million five-year revolver with an interest rate that can range from Libor plus 175 basis points to Libor plus 300 basis points, based on the leverage ratio. As of Sept. 15, the weighted average interest rate was 4.14%.
As of June 30, the company had $39 million outstanding under the revolver, which was used to fund the acquisition of an 80,000-barrel double-hulled tank barge and a portion of the acquisition cost of five OSVs.
Goldman Sachs & Co., Jefferies & Co. Inc. Simmons & Co. International and Johnson Rice & Co. LLC are underwriting the IPO. The company registered up to $86.25 million of stock.
Hornbeck is a Covington, La. provider of OSVs serving the offshore oil and gas industry
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.