Hornbeck Offshore Services emerged from Chapter 11. As part of its plan of reorganization, Hornbeck also closed on its common stock rights offering, which resulted in a $100 million cash infusion of new equity capital led by the special opportunities funds of Ares Management.
Pursuant to a restructuring support agreement, Hornbeck Offshore Services has the support of secured lenders holding approximately 83% of the company’s aggregate secured indebtedness.
Portage Point Partners is serving as restructuring advisor and Guggenheim Securities is serving as financial advisor to Hornbeck Offshore Services, which entered into a restructuring support agreement that will be implemented through a voluntary prepackaged Chapter 11 case.
Hornbeck Offshore Services refinanced its existing $200 million senior secured revolving credit facility with a new first-lien delayed-draw credit facility providing for up to $300 million of term loans. Wilmington Trust is administrative agent for the transaction.
Hornbeck Offshore Services 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.