On July 8, 2003, Standard&Poor's Ratings Services affirmed its ratings on oil and gas services company Hornbeck Offshore Services Inc. following its announced acquisition of five offshore supply vessels (OSVs) for $45 million. The outlook remains stable. Mandeville, La.-based Hornbeck is expected to have about $214 million of debt at the close of the acquisition. The transaction was funded with $39 million cash and $6 million of Hornbeck privately issued common stock. At the close of the transaction, Hornbeck's credit facility borrowing base expanded to $50 million, from which the $39 million was drawn. Also post-acquisition, Hornbeck received cash payments or irrevocable, unconditional, binding subscriptions for $30 million in common stock to partly defray acquisition-related costs and other
