Hornbeck Offshore To Issue $450,000,000 Of 5.000% Senior Notes Due 2021
COVINGTON, La., March 14, 2013
COVINGTON, La., March 14, 2013 /PRNewswire/ --Hornbeck Offshore Services,
Inc. (NYSE: HOS) (the "Company") announced today that it has agreed to sell
$450,000,000 in aggregate principal amount of its 5.000% Senior Notes due 2021
(the "Senior Notes") pursuant to exemptions from registration under the
Securities Act of 1933, as amended (the "Securities Act"). The closing is
expected to occur March 28, 2013, subject to customary closing conditions.
The Company intends to use net proceeds from the Senior Notes offering to fund
all of its obligations under its pending cash tender offer (the "Tender
Offer") for any and all of its outstanding 8.000% senior notes due 2017 (the
"8.000% Notes") and related consent solicitation. To the extent less than all
of the outstanding 8.000% Notes are tendered or the Tender Offer is not
consummated, the Company intends to use net proceeds from this offering to
redeem any of the 8.000% Notes that remain outstanding. The remaining net
proceeds will be used for general corporate purposes, which may include
retirement of other debt or funding for the acquisition, construction or
retrofit of vessels.
The Senior Notes have not been registered under the Securities Act or any
state securities laws, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act and state securities laws. The Senior Notes
may be resold by the initial purchasers pursuant to Rule 144A and Regulation S
under the Securities Act.
This press release is being issued pursuant to Rule 135C under the Securities
Act, and is neither an offer to sell nor a solicitation of an offer to buy any
of these securities and shall not constitute an offer, solicitation or sale in
any jurisdiction in which such offer, solicitation or sale is unlawful.
The Company is a leading provider of technologically advanced, new generation
offshore supply vessels primarily in the U.S. Gulf of Mexico and Latin
America, and is a leading short-haul transporter of petroleum products through
its coastwise fleet of ocean-going tugs and tank barges, primarily in the
northeastern U.S. and the U.S. Gulf of Mexico. The Company currently owns a
fleet of 79 vessels primarily serving the energy industry and has 24
additional high-spec Upstream vessels contracted, approved or under
construction for delivery on various dates through 2015.
This news release contains forward-looking statements, including, in
particular, statements about the Company's plans and intentions with respect
to the proposed issuance of Senior Notes and the use of proceeds thereof and
the construction of certain vessels. These have been 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: Todd Hornbeck, CEO
Jim Harp, CFO
Hornbeck Offshore Services
Ken Dennard, Managing Partner
Dennard-Lascar / 713-529-6600
SOURCE Hornbeck Offshore Services, Inc.
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