New Issue: Hornbeck Offshore prices $450 million 5% eight-year notes at par

By Paul A. Harris

Portland, Ore., March 14 - Hornbeck Offshore Services, Inc. priced a $450 million issue of eight-year senior notes (Ba3/BB-/) at par to yield 5% on Thursday, according to a syndicate source.

The yield printed on top of yield talk.

Barclays was the left bookrunner for the quick-to-market deal.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and DNB Markets were the joint bookrunners.

Proceeds will be used to refinance the company's 8% notes due 2017 and for general corporate purposes, including capital expenditures.

Hornbeck Offshore is a Covington, La.-based oilfield services company.

Issuer:	Hornbeck Offshore Services, Inc.
Amount:	$450 million
Maturity:	March 1, 2021
Securities:	Senior notes
Left bookrunner:	Barclays
Joint bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC, DNB Markets
Co-managers:	Capital One Southcoast, Comerica Securities, Global Hunter Securities, Iberia Capital Partners LLC, Scotia Capital, Simmons & Co. International
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	343 bps
First call:	Make-whole call at Treasuries plus 50 bps until March 1, 2016, then callable at 103.75
Equity clawback:	35% at 105 until March 1, 2016
Trade date:	March 14
Settlement date:	March 28
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5% area
Marketing:	Quick to market

© 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.