Hornbeck Offshore Services, Inc. (HOS) said Thursday that it closed the sale of $450 million in aggregate principal amount of its 5.000% Senior Notes due 2021 in a private placement.
The net proceeds to the company from the offering were about $442.4 million, after deducting initial purchaser discounts and fees and expenses of the offering.
The company said it used about $252.7 million of such proceeds to repurchase about 93.85% of the outstanding $250 million in aggregate principal amount of its 8.000% Senior Notes due 2017 pursuant to its previously announced tender offer and consent solicitation for the 8.000% Notes. The remaining proceeds will be used to repurchase or redeem the about 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.
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