Hornbeck Offshore Services Inc. (NYSE: HOS) successfully completed its exchange offer of $450 million old notes for new senior notes due 2021 registered under the Securities Act.
Hornbeck exchanged $450 million of its outstanding 5% series A senior notes due 2021, which were issued in a private placement and sold under the Securities Act, for an equal aggregate principal amount of its 5% series B senior notes due 2021. The issuance of the new notes was registered under the act.
At the scheduled expiration time on Sept. 24, $450 million of aggregate principal amount, or 100%, of the old notes were tendered and accepted for exchange for new notes by Hornbeck Offshore.
The form and terms of the new notes are substantially the same as the form and terms of the old notes issued in March. The primary difference is that the issuance of the new notes has been registered under the act and, therefore, the new notes will be freely tradable by persons who are not affiliated with Hornbeck Offshore and will not contain terms relating to registration rights. The new notes evidence the same debt as the old notes they replace and are issued under and entitled to the benefits of the indenture that governs the old notes.
The exchange agent was Wells Fargo Bank N.A.
Hornbeck Offshore Services Inc. provides offshore supply vessels primarily in the U.S. Gulf of Mexico and Latin America. The company is headquartered in Covington, La.