On March 11, 2004, Standard&Poor's Ratings Services placed its 'B+' corporate credit rating on Hornbeck Offshore Services Inc. on CreditWatch with positive implications. The rating action follows Hornbeck's filing of a form S-1 in which it states plans to issue 6 million shares of common stock amounting to roughly $104 million through an IPO. Net proceeds are expected to be about $77 million and will be used to partially fund the construction of ocean-going double-hulled tank barges, retrofit existing vessels, possible acquisitions, new vessel construction, and for general corporate purposes, including the repayment of debt on Hornbeck's revolving credit facility. Projected proceeds from the planned IPO should provide adequate funding for the two announced new tank-barges currently being
