Daily News: February 12, 2015

Hornbeck Amends Existing $300MM Revolver

Hornbeck Offshore Services announced that it amended and restated its existing $300 million revolving credit facility to extend the maturity date and modify certain covenants to provide greater financial flexibility to the company.

All eight of the company’s existing lenders renewed their prior commitments under the facility, with the majority expressing an interest in increasing their allocation had the company wanted to increase the size of the borrowing base above $300 million. The amended facility will provide continued access to existing liquidity for working capital and general corporate purposes, including acquisitions, new build and conversion programs and other capital expenditures.

The maturity of the new facility has been extended from November 2016 to February 2020, provided that, if the 2019 convertible senior notes remain outstanding on March 1, 2019, the company is required to maintain a specified minimum liquidity level until after the redemption or refinancing of the convertible senior notes.

Hornbeck is a provider of technologically advanced, new generation offshore service vessels primarily in the Gulf of Mexico and Latin America.