Hornbeck Offshore Services, Inc. (HOS: Quote) announced Wednesday the pricing of its private offering of $260 million of convertible senior notes, due 2019.
The convertible notes will pay interest semiannually at a rate of 1.5% 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 the applicable conversion rate at such time.
The company also granted a 30-day option to the initial purchasers to buy up to an additional $40 million worth convertible Notes.
The offering is expected to close on or about August 13, 2012, subject to customary closing conditions.
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by RTT Staff Writer
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