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Hornbeck begins tender, consent bid for $300 million of 6 1/8% notes
By Susanna Moon
Chicago, March 2 - Hornbeck Offshore Services, Inc. said it began a cash tender offer for its $300 million principal amount 6 1/8% senior notes due 2014.
The company also is soliciting consents to amend the notes to eliminate most of the restrictive covenants and default provisions contained in the notes.
The total purchase price is $1,012.71, including a consent fee of $30.00, for each $1,000 principal amount of notes tendered by the consent deadline at 5 p.m. on March 15.
The offer will end at 11:59 p.m. ET on March 29. Tendered notes may be withdrawn by the consent deadline.
Holders who tender their notes after the consent date will receive $982.71 for each $1,000 of notes.
The company also will pay accrued interest to the settlement date.
Hornbeck said it expects to settle notes tendered by the consent date on March 16 and those tendered after the consent date on March 30.
Holders may not tender their notes without delivering consents or vice versa.
If the company receives consents from holders of a majority of the notes, it will execute a supplemental indenture to amend the notes, according to a company press release.
The offer is conditioned on the receipt of consents from holders of a majority of the outstanding notes, execution of a supplemental indenture effecting the amendments and completion of a capital markets debt financing raising enough proceeds to fund the offer.
Global Bondholder Services (866 294-2200 or collect 212 430-3774) is the depositary and information agent.
J.P. Morgan Securities LLC (866 834-4666 or collect at 212 834-4802), Barclays Capital Inc. (800 438-3242 or collect 212 528-7581) and Wells Fargo Securities, LLC (866 309-6316 or collect 704 715-8341) are the dealer managers and solicitation agents.
Hornbeck is a Covington, La.-based provider of marine services.
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