Hornbeck Offshore Services, Inc. (NYSE:HOS) Files An 8-K Regulation FD DisclosureItem 9.01 – Regulation FD Disclosure
Effective September 13, 2017, Hornbeck Offshore Services, Inc. (the “Company”) entered into confidentiality agreements and commenced discussions with certain holders (the “2020 Notes Ad Hoc Group”) of the Company’s 5.875% Senior Notes due 2020 (the “2020 Notes”) and its financial and legal advisors. During the discussions, the Company provided the 2020 Notes Ad Hoc Group a proposal reflecting the Company’s desire to offer to all holders of the 2020 Notes new consideration in exchange for the cancellation of all 2020 Notes tendered in the exchange. The 2020 Notes Ad Hoc Group provided the Company with two separate counter-proposals supported by different sets of holders within the 2020 Notes Ad Hoc Group: i) exchange the 2020 Notes in a publicly launched exchange offer; or ii) privately exchange 2020 Notes held by members of the 2020 Notes Ad Hoc Group together with the Company’s 5.000% Senior Notes due in 2021 (the “2021 Notes”) held by certain members of the 2020 Notes Ad Hoc Group. Neither of the 2020 Notes Ad Hoc Group’s counter-proposals was acceptable to the Company. The material terms of the Company’s proposal is described in attached Ex. 99.1 and the 2020 Notes Ad Hoc Group’s alternative counter-proposals are attached as Exhibits 99.2 and 99.3. Through its financial advisor, PwC Corporate Finance LLC, the Company remains committed to engaging with its bondholders in order to seek constructive solutions that address its long-term debt. This report on Form 8-K is not intended as an offer by the Company to any holders of its 2020 Notes or its 2021 Notes and is given for informational purposes only.
Item 9.01 – Financial Statements and Exhibits
(d) Exhibits.
HORNBECK OFFSHORE SERVICES INC /LA ExhibitEX-99.1 2 ex-991_10132017.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Summary Description of the Hornbeck Proposal (10/2/17)BorrowersnHornbeck Offshore Services,…To view the full exhibit click here
About Hornbeck Offshore Services, Inc. (NYSE:HOS)
Hornbeck Offshore Services Inc. provides marine transportation, subsea installation and accommodation support services to exploration and production, oilfield service, offshore construction and the United States military customers. The Company focuses on providing marine solutions for the deepwater and ultradeepwater energy industry in domestic and select foreign locations. The Company, through its subsidiaries, operates offshore supply vessels (OSVs), multi-purpose support vessels (MPSVs), and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the United States, Gulf of Mexico, Latin America and selected international markets. Its OSVs and MPSVs support the deep-well, deepwater and ultra-deepwater activities of the offshore oil and gas industry. It provides vessel management services for other vessel owners, such as crewing, daily operational management and maintenance activities.
