COVINGTON, La., Feb. 5, 2019 /PRNewswire/ -- Hornbeck Offshore
Services, Inc. (NYSE:HOS) (the "Company") announced today the
expiration and final results for the previously announced offer to
exchange (the "Exchange Offer") certain of its outstanding 5.875%
Senior Notes due 2020 (the "Notes") for new Second Lien Term Loans
due 2025 (the "Term Loans") of the Company and its wholly-owned
subsidiary, Hornbeck Offshore Services, LLC (the "Co-Borrower"),
and a solicitation of consents ("Consents") to certain proposed
amendments (the "Proposed Amendments") with respect to the Notes
(the "Consent Solicitation").
The terms and conditions of the Exchange Offer were detailed in
an Offer to Exchange and Consent Solicitation Statement dated
January 7, 2019 (as supplemented by
Supplement No. 1 to the Offer to Exchange and Consent Solicitation
Statement dated January 22, 2019) and
a related letter of transmittal (together, the "Offer to Exchange
Statement").
According to information provided by Global Bondholder Services
Corporation, the Information and Exchange Agent in connection with
the Exchange Offer, as of 11:59 p.m.,
New York City time, on
February 4, 2019 (the "Expiration
Time"), $131,629,000 in aggregate
principal amount, or approximately 36%, of the Notes were validly
tendered. Notes tendered prior to the Expiration Time are eligible
to receive the "Total Consideration" consisting of $850 in principal amount of Term Loans per
$1,000 aggregate principal amount of
Notes accepted for exchange.
All conditions of the Exchange Offer have been satisfied or
waived and the Company has accepted for exchange all validly
tendered Notes, and as a result, the Company and the Co-Borrower
will incur $111,844,650 in Term Loans
upon settlement of the Exchange Offer, which is expected to occur
on February 7, 2019.
This press release shall not constitute an offer to exchange,
nor a solicitation of an offer to exchange any security.
Oppenheimer & Co. Inc. acted as lead financial advisor and sole
dealer manager for the Exchange Offer. Global Bondholder Services
Corporation acted as the Information and Exchange agent in
connection with the Exchange Offer. Requests for the Offer to
Exchange Statement may be directed to Global Bondholder Services
Corporation at (866) 470-3700 (toll-free) or (212) 430-3774 (banks
and brokers) or may be obtained by visiting the Information and
Exchange Agent's website at http://gbsc-usa.com/Hornbeck.
Hornbeck Offshore Services, Inc. is a leading provider of
technologically advanced, new generation offshore service vessels
primarily in the Gulf of Mexico
and Latin America.
Forward-Looking Statements
This news release contains forward-looking statements,
including, in particular, statements about the Company's plans and
intentions with regard to the Exchange Offer. These
statements are based on the Company's current assumptions,
expectations and projections about future events. Although
the Company believes that the expectations reflected in these
forward-looking statements are reasonable, the Company can give no
assurance that the expectations will prove to be correct.
Contacts:
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Todd Hornbeck,
CEO
|
|
Jim Harp,
CFO
|
|
Hornbeck Offshore
Services
|
|
985-727-6802
|
|
|
|
Ken Dennard, Managing
Partner
|
|
Dennard Lascar /
713-529-6600
|
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SOURCE Hornbeck Offshore Services, Inc.