Hornbeck Offshore Services Inc., Covington, La., (NYSE: HOS) has received tenders and consents from holders of approximately 84% of the aggregate principal amount of its 6.125% senior notes due 2014.
The company intends to execute a supplemental indenture with respect to the indenture governing the notes, which will eliminate most of the restrictive covenants and default provisions contained in the indenture governing the notes. The Supplemental Indenture will not become operative until a majority in aggregate principal amount of the notes has been purchased by the company pursuant to the terms of the tender offer and the consent solicitation.
The company's obligation to accept for purchase, and pay for, any Notes pursuant to the tender offer is subject to a number of conditions that are set forth in the Offer to Purchase, including the closing of the Company's previously announced offering of $375,000,000 aggregate principal amount of 5.875% Senior Notes due 2020. Subject to the satisfaction or waiver of these conditions, tomorrow all holders who validly tendered (and did not validly withdraw) their Notes prior to the Consent Expiration will receive total consideration equal to $1,012.71 per $1,000 principal amount of the Notes, which includes a consent payment of $30.00 per $1,000 principal amount of the Notes. Additionally, holders will receive accrued and unpaid interest on the Notes up to, but not including, the payment date for such Notes.
J.P. Morgan Securities LLC, Barclays Capital Inc. and Wells Fargo Securities, LLC are dealer managers
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