Hornbeck Offshore converts, redeems all 1.625% convertibles due 2026

By Tali David

Minneapolis, Nov. 18 - Hornbeck Offshore Services, Inc. said all of its 1.625% convertible senior notes due 2026 have been converted or redeemed, according to a press release.

Holders of about $249.6 million in aggregate principal amount of the notes elected to convert their notes prior to the Nov. 15 redemption date.

The notes were settled on the conversion rate of 20.626 common shares per $1,000 principal amount of notes and the volume-weighted average price of the stock during the observation period of Oct. 8 through Nov. 11 and equals a conversion price of $48.48 per share.

In total, Hornbeck delivered 728,411 shares of its common stock to the converting holders.

The remaining $400,000 of the notes was redeemed at par. The cash payment obligations related to the conversion and redemption were funded with cash on hand.

Hornbeck is a Covington, La.-based provider of offshore supply vessels.

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