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Hornbeck Offshore Services gets enough consents to amend 6 1/8% notes
By Angela McDaniels
Tacoma, Wash., March 15 - Hornbeck Offshore Services, Inc. said it had received tenders and consents from the holders of 84.05% of its $300 million 6 1/8% senior notes due 2014 as of 5 p.m. ET on March 15, which was the consent expiration in a tender offer that began March 2.
The consents received are enough to amend the notes to eliminate most of the restrictive covenants and default provisions contained in the indenture.
The company planned to execute a supplemental indenture on Thursday. The amendments will become operative once a majority of the notes has been purchased by Hornbeck.
The total purchase price is $1,012.71 per $1,000 principal amount of notes. This includes a $30.00 consent fee for each note tendered by the consent deadline.
The company also will pay accrued interest up to but excluding the settlement date.
The offer will end at 11:59 p.m. ET on March 29.
When the offer began, Hornbeck said it expected 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.
The offer is conditioned on the completion of the company's $375 million offering of 5 7/8% senior notes due 2020.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-4802), Barclays Capital Inc. (800 438-3242 or 212 528-7581) and Wells Fargo Securities, LLC (866 309-6316 or 704 715-8341) are the dealer managers and solicitation agents.
Global Bondholder Services Corp. (866 294-2200 or 212 430-3774) is the depositary and information agent.
Hornbeck is a Covington, La.-based provider of offshore supply vessels.
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