Hornbeck Offshore Closes on Sale of $225,000,000 of 6.125% Senior Notes due 2014

Wednesday, November 24, 2004
Hornbeck Offshore Services, Inc. announced that it closed the sale of $225,000,000 aggregate principal amount of 6.125% Senior Notes due 2014 (CUSIP Nos. 440543 AA 4 and U44070 AA 5) ("New Notes") in a private placement. The New Notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or available exemption from such registration requirements. The net proceeds to the Company from this offering were approximately $219 million dollars, net of estimated transaction costs. The Company used $181 million of such proceeds to repurchase approximately 91% of the outstanding $175,000,000 aggregate principal amount of its 10-5/8% Senior Notes due 2008 (CUSIP 440536 AB 6) (the "2001 Notes") pursuant to its ongoing tender offer for the 2001 Notes and the related consent solicitation. The Company accepted all 2001 Notes that were tendered by 5:00 p.m., Eastern time, on Wednesday, November 17, 2004, for purchase and payment. The $181 million comprised the total consideration paid for such Notes tendered, including related accrued interest and consent fees. The remaining proceeds will be used to repurchase the remaining 2001 Notes and for general corporate purposes, which may include funding for the acquisition, construction or retrofit of vessels. Hornbeck Offshore's repurchase today of the tendered 2001 Notes made operative the Fifth Supplemental Indenture executed by the Company, certain of its subsidiaries and the indenture trustee for the 2001 Notes, which set forth certain amendments to eliminate most of the restrictive covenants and certain defined events of default.
Maritime Reporter September 2014 Digital Edition
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