Key Developments: Hornbeck Offshore Services Inc (HOS)
52.39USD
24 May 2013
$-0.14 (-0.27%)
$52.53
$52.09
$52.50
$51.62
119,694
519,885
$54.30
$31.68
Latest Key Developments (Source: Significant Developments)
Hornbeck Offshore Services Inc Closes Sale Of $450,000,000 Of 5.000% Senior Notes Due 2021
Hornbeck Offshore Services Inc announced that it closed the sale of $450,000,000 in aggregate principal amount of its 5.000% Senior Notes due 2021 (Senior Notes) in a private placement. The net proceeds to the Company from this offering were approximately $442.4 million, after deducting initial purchaser discounts and fees and expenses of the offering. The Company used approximately $252.7 million of such proceeds to repurchase approximately 93.85% of the outstanding $250 million in aggregate principal amount of its 8.000% Senior Notes due 2017 (the 8.000% Notes) pursuant to its previously announced tender offer and consent solicitation for the 8.000% Notes. The Company accepted all 8.000% Notes that were tendered by 5:00 p.m., New York City time, on March 27, 2013, for purchase and payment. The $252.7 million comprised the total consideration paid for such 8.000% Notes tendered, including related accrued interest and consent fees. The remaining proceeds will be used to repurchase or redeem the approximately 6.15% of the 8.000% Notes that remain outstanding and for general corporate purposes, which may include retirement of other debt or funding for the acquisition, construction or retrofit of vessels. Full Article
Hornbeck Offshore Services Inc To Issue $450,000,000 Of 5.000% Senior Notes Due 2021
Hornbeck Offshore Services Inc announced 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. Full Article
Hornbeck Offshore Services Inc Announces Offering Of $450,000,000 Of Senior Notes
Hornbeck Offshore Services Inc announced that it intends to offer, subject to market and other conditions, approximately $450,000,000 in aggregate principal amount of senior notes due 2021 (the Senior Notes) pursuant to exemptions from registration under the Securities Act of 1933, as amended (the Securities Act). The Company intends to use the 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% Note) 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. Full Article
Hornbeck Offshore Services Inc Closes $300,000,000 Offering Of 1.500% Convertible Senior Notes
Hornbeck Offshore Services Inc announced the closing of its previously announced offering of $260.0 million aggregate principal amount of convertible senior notes due 2019 (the Convertible Notes) that were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). In addition, the Company announced that the initial purchasers exercised their option in full to purchase an additional $40.0 million in principal amount of the Convertible Notes, which also closed August 13, 2012. The Convertible Notes will bear interest at a fixed rate of 1.500% per year and are guaranteed on a senior unsecured basis by the same subsidiaries of the Company that currently guarantee its other outstanding senior notes. The Convertible Notes are convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election, based on the applicable conversion rate at such time. The Convertible Notes have an initial conversion rate of 18.5718 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes (which is equal to an initial conversion price of approximately $53.85 per share of the Company's common stock), representing an initial conversion premium of approximately 37.5% above the closing price of $39.16 per share of the Company's common stock on August 7, 2012. Full Article
Hornbeck Offshore Services, Inc. Announces Private Offering Of $260,000,000 Of Convertible Senior Notes
Hornbeck Offshore Services, Inc. announced that it intends, subject to market and other conditions, to offer $260,000,000 aggregate principal amount of convertible senior notes due 2019 (the Convertible Notes) in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The notes will be guaranteed on a senior, unsecured basis by the same subsidiaries of the Company that currently guarantee its revolving credit facility and other outstanding senior notes. The Company expects to grant a 30-day option to the initial purchasers of the Convertible Notes for up to an additional $40,000,000 aggregate principal amount of the Convertible Notes. The Convertible Notes are expected to pay interest semiannually and will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election, based on a conversion rate to be determined. The Convertible Notes will mature in 2019, unless repurchased or converted in accordance with their terms prior to such date. Prior to June 1, 2019, the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Full Article
Hornbeck Offshore Services, Inc. To Issue $375,000,000 Of 5.875% Senior Notes Due 2020
Hornbeck Offshore Services, Inc. announced that it has agreed to sell $375,000,000 aggregate principal amount of its 5.875% Senior Notes due 2020 pursuant to exemptions from registration under the Securities Act of 1933. This represents a $25.0 million increase from the aggregate transaction size announced earlier today. The closing is expected to occur March 16, 2012, subject to customary closing conditions. The Company intends to use net proceeds from the Senior Notes offering to fund the purchase price of its cash tender offer for any and all of its 6.125% senior notes due 2014. To the extent less than all of the outstanding 2014 Notes are tendered or the Tender Offer is not consummated, the Company intends to use net proceeds from this offering to redeem or repurchase any of the 2014 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. Full Article
Hornbeck Offshore Services, Inc. Announces Offering Of $350,000,000 Of Senior Notes
Hornbeck Offshore Services, Inc. announced that it intends to offer, approximately $350,000,000 aggregate principal amount of senior notes due 2020 (the Senior Notes) through an offering to qualified institutional buyers within the United States and to non-U.S. persons outside the United States. The Company intends to use the net proceeds from the Senior Notes offering to fund the purchase price of its cash tender offer (the Tender Offer) for any and all of its 6.125% senior notes due 2014 (the 2014 Notes). To the extent less than all of the outstanding 2014 Notes are tendered or the Tender Offer is not consummated, the Company intends to use net proceeds from this offering to redeem or repurchase any of the 2014 Notes that remaining 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. Full Article
Hornbeck Offshore Services, Inc. Announces Closing of Public Equity Offering, Including Exercise in Full of Over-Allotment Option
Hornbeck Offshore Services, Inc. announced that the Company has closed its underwritten public offering (Offering) of 8,050,000 shares of its common stock at a price to the public of $30.00 per share, for total gross proceeds of approximately $241,500,000 before underwriting discounts, commissions and offering expenses. This includes 1,050,000 additional shares of common stock purchased pursuant to the exercise in full of the underwriters' over-allotment option. The Company intends to use net proceeds from the Offering to partially fund its newbuild construction program of new offshore supply vessels. In addition, Offering proceeds may be used in connection with possible future acquisitions and additional new vessel construction, as well as for general corporate purposes. Barclays Capital, J.P. Morgan and Wells Fargo Securities acted as joint book-running managers for the Offering. Global Hunter Securities, LLC, Johnson Rice & Company L.L.C., Pritchard Capital Partners, LLC, Simmons & Company International, Capital One Southcoast, Clarkson Capital Markets, Howard Weil Incorporated and IBERIA Capital Partners L.L.C. acted as co-managers. Full Article
Hornbeck Offshore Services, Inc. Announces Pricing of Public Equity Offering
Hornbeck Offshore Services, Inc. announced that it has increased the size of its previously announced underwritten public offering (Offering) of shares of its common stock from 6,750,000 shares to 7,000,000 shares and priced the Offering at a price to the public of $30.00 per share, for total gross proceeds of $210,000,000 before underwriting discounts, commissions and offering expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares. The Offering is expected to close on November 16, 2011. The Company intends to use the net proceeds from the Offering to partially fund its latest newbuild construction program comprised of new generation offshore supply vessels, which was announced on November 7, 2011. In addition, the Offering proceeds may be used in connection with possible future acquisitions and additional new vessel construction, as well as for general corporate purposes. Barclays Capital, J.P. Morgan and Wells Fargo Securities acted as joint book-running managers for the Offering. Full Article
Hornbeck Offshore Services, Inc. Announces Public Offering Of Common Stock
Hornbeck Offshore Services, Inc. announced that it has commenced an underwritten public offering of 6,750,000 shares of common stock pursuant to an effective shelf registration statement. The Company expects to grant the underwriters a 30 day option to purchase up to an additional 1,012,500 shares. The Company intends to use the net proceeds from the Offering to partially fund the Company's latest newbuild construction program comprised of offshore supply vessels. In addition, the Offering proceeds may be used in connection with possible future acquisitions and additional new vessel construction, as well as for general corporate purposes. Barclays Capital, J.P. Morgan and Wells Fargo Securities will act as joint book-running managers for the Offering. Global Hunter Securities, LLC, Johnson Rice & Company L.L.C., Pritchard Capital Partners and Simmons & Company International will act as co-managers. Full Article
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