Hornbeck Offshore Services, Inc. (NYSE:HOS) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement
Termination of Transaction Support Agreement
On March 22, 2020, that certain Transaction Support Agreement (the “Transaction Support Agreement”) dated as of February 14, 2020, by and among Hornbeck Offshore Services, Inc. (the “Company”), certain holders (the “Supporting Holders”) of the Company’s outstanding 5.875% Senior Notes due 2020 (the “2020 Senior Notes”) and 5.000% Senior Notes due 2021 (together with the 2020 Senior Notes, the “Existing Notes”) was terminated by mutual agreement of the Company and the Supporting Holders. The Transaction Support Agreement was terminated in connection with termination of the Company’s (i) private offers to exchange (the “Exchange Offers”) the Existing Notes for new 10.000% Senior Notes due 2023 and 5.500% Senior Notes due 2025, (ii) private offer to purchase (together with the Exchange Offers, the “Offers”) for cash up to $66.7 million in aggregate principal amount of Existing Notes, and (iii) its solicitation of consents to proposed amendments of and releases relating to the indentures governing the Existing Notes (the "Consent Solicitations”).
Item 7.01 Regulation FD Disclosure
On March 23, 2020, the Company issued a press release announcing termination of the Offers and Consent Solicitations and cancellation of the Special Meeting of Stockholders previously scheduled to be held on Monday, March 23, 2020 at 9:00 a.m. Central Time in the Company’s corporate training room located at 103 Northpark Boulevard, Covington, Louisiana 70433 (the “Special Meeting”). A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 8.01 Other Events
Cancellation of Special Meeting of Stockholders
On March 21, 2020, the board of directors of the Company determined to cancel the Special Meeting. The Special Meeting was originally scheduled to consider and vote upon matters related to the consummation of the Offers. Because the Offers have been terminated, the Special Meeting is unnecessary.
Item 9.01. Financial Statements and Exhibits.
HORNBECK OFFSHORE SERVICES INC /LA Exhibit
EX-99.1 2 ex-99103232020.htm EX-99.1 DocumentExhibit 99.1NEWS RELEASE 20-002Contacts:Todd Hornbeck,…
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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.
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