By Paul A. Harris
St. Louis, Sept. 29 - Hornbeck Offshore Services Inc. priced a $75 million add-on to its 6 1/8% senior notes due Dec. 1, 2014 (BB-) at 99.50 late Thursday to yield 6.232%, according to a market source.
The notes priced inside of the 99.00 area price talk.
Goldman Sachs & Co., Bear Stearns & Co. and Jefferies & Co. ran the books for the Rule 144A with registration rights issue.
Proceeds, along with proceeds from an initial public offering of stock, will be used to partially fund the construction of new vessels and the retrofit or conversion of existing vessels, also for possible future acquisitions and additional new vessel construction programs, and for general corporate purposes.
The original $225 million priced at par on Nov. 18, 2004.
Hornbeck Offshore Services is a Covington, La., provider of offshore supply vessels and transporter of petroleum products.
| Issuer: | Hornbeck Offshore Services Inc.
|
| Face amount: | $75 million
|
| Maturity: | Dec. 1, 2014
|
| Security description: | Add-on to 6 1/8% senior notes
|
| Bookrunners: | Goldman Sachs & Co., Bear Stearns & Co., Jefferies & Co.
|
| Coupon: | 6 1/8%
|
| Price: | 99.50
|
| Yield: | 6.232%
|
| Call protection: | Make-whole call at Treasuries plus 50 basis points until Dec. 1, 2009, then at 103.063
|
| Equity clawback: | Until Dec. 1, 2007 for 35% at 106.125
|
| Trade date: | Sept. 29
|
| Rating: | Standard & Poor's: BB-
|
| Price talk: | 99.00 area
|
|
|
© 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.
