By Paul A. Harris
St. Louis, Nov. 18 - Hornbeck Offshore Services Inc. sold $225 million of 10-year senior notes (Ba3/BB+) at par to yield 6 1/8% Thursday, according to a market source.
Price talk was 6¼% to 6½%.
Goldman Sachs & Co. had the physical books on the Rule 144A issue. Bear Stearns & Co. and Jefferies & Co. were joint bookrunners.
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.
Hornbeck Offshore is a New Orleans-based provider of offshore supply vessels in the Gulf of Mexico and select international markets and transporter of petroleum products through its fleet of ocean-going tugs and tank barges.
Issuer: Hornbeck Offshore Services Inc.
| Amount: | $225 million
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| Maturity: | Dec. 1, 2014
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| Security description: | Senior notes
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| Bookrunners: | Goldman Sachs & Co. (physical books), Bear Stearns & Co., Jefferies & Co. (joint bookrunners)
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| Coupon: | 6 1/8%
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| Price: | Par
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| Yield: | 6 1/8%
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| Spread: | 198 basis points
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| Call features: | Make-whole call at Treasuries plus 50 basis points until Dec. 1, 2009, then callable at 103.063, 102.042, 101.021, par on or after Dec. 1, 2012
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| Equity clawback: | Until Dec. 1, 2007 for 35% at 106.125
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Ratings: | Moody's: Ba3
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| Standard & Poor's: BB+
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| Price talk: | 6¼%-6½%
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