Hornbeck Offshore $225 million 10-year notes talked to yield 6¼%-6½%, to price Wednesday

By Paul A. Harris

St. Louis, Nov. 16 - Price talk on Hornbeck Offshore Services Inc.'s $225 million offering of 10-year senior notes (Ba3/BB-) emerged Tuesday at 6¼% to 6½%, according to market sources.

Pricing is expected on Wednesday.

Goldman Sachs & Co. has the physical books for the Rule 144A offering. Bear Stearns & Co. and Jefferies & Co. are joint bookrunners.

The notes will be non-callable for five years.

Proceeds will be used to repurchase the company's 10 5/8% senior notes due 2008 and for general corporate purposes, which may include the acquisition, construction or retrofit of vessels.

The prospective issuer is a New Orleans-based provider of offshore supply vessels in the Gulf of Mexico and select international markets, and a transporter of petroleum products through its fleet of ocean-going tugs and tank barges, primarily in the northeastern U.S. and in Puerto Rico.

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