Hornbeck Offshore signs up for new $300 million credit

Hornbeck’s stacked OSVs

U.S. offshore supply vessel operator Hornbeck Offshore has refinanced its existing $200 million credit facility with a new delayed-draw facility providing for up to $300 million of term loans. 

The six-year term of the new credit facility extends the maturity of the old credit facility from February 2020 to June 2023.

According to the company’s statement on Thursday, the new facility enhances its financial flexibility by increasing liquidity from the currently applicable borrowing base of $75 million under the old credit facility, extending the maturity date that existed under the old credit facility by over three years, and eliminating all of the existing financial ratio maintenance covenants and the anti-cash hoarding provision of the old credit facility.

The vessel provider said that the new facility will be used for working capital and general corporate purposes, including the acquisition of distressed assets and/or the refinancing of existing debt.

The company also noted it focused its efforts on lowering the interest rate in the first two years.

“Should industry market conditions improve sufficiently by year three, the company may be able to refinance the new credit facility on more favorable terms at such time,” Hornbeck said.

At the end of the first quarter of this year, the vessel owner had 41 OSVs and two MPSVs stacked while expecting to have 46 OSVs and two MPSVs stacked by end of the third quarter 2017.

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply