Research Update: Hornbeck Offshore Services Inc. Downgraded To 'SD' On Debt Exchange; Convertible Note Rating Lowered To 'D' - S&P Global Ratings’ Credit Research

Research Update: Hornbeck Offshore Services Inc. Downgraded To 'SD' On Debt Exchange; Convertible Note Rating Lowered To 'D'

Research Update: Hornbeck Offshore Services Inc. Downgraded To 'SD' On Debt Exchange; Convertible Note Rating Lowered To 'D' - S&P Global Ratings’ Credit Research
Research Update: Hornbeck Offshore Services Inc. Downgraded To 'SD' On Debt Exchange; Convertible Note Rating Lowered To 'D'
Published Aug 09, 2017
5 pages (1547 words) — Published Aug 09, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based offshore vessel provider Hornbeck Offshore Services Inc. has completed a debt exchange whereby holders of the majority of its convertible notes due 2019 (and a small portion of its senior notes due 2020) exchanged the debt for a new secured first-lien term loan credit facility and cash. Holders of about $200 million of the convertible notes and $8.1 million of the senior notes received $95.3 million of the new credit facility and $54.1 million in cash. We are lowering our corporate credit rating on Hornbeck Offshore to 'SD' from 'CCC-'. We are lowering our issue-level ratings on the company's convertible notes due 2019 to 'D' from 'CCC'. The issue-level ratings on the company's senior notes due 2020 and 2021

  
Brief Excerpt:

...U.S.-based offshore vessel provider Hornbeck Offshore Services Inc. has completed a debt exchange whereby holders of the majority of its convertible notes due 2019 (and a small portion of its senior notes due 2020) exchanged the debt for a new secured first-lien term loan credit facility and cash....

  
Report Type:

Research Update

Ticker
HOSS
Issuer
Hornbeck Offshore Services Inc.
GICS
Oil & Gas Equipment & Services (10101020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Hornbeck Offshore Services Inc. Downgraded To 'SD' On Debt Exchange; Convertible Note Rating Lowered To 'D'" Aug 09, 2017. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Hornbeck-Offshore-Services-Inc-Downgraded-To-SD-On-Debt-Exchange-Convertible-Note-Rating-Lowered-To-D-1897992>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Hornbeck Offshore Services Inc. Downgraded To 'SD' On Debt Exchange; Convertible Note Rating Lowered To 'D' Aug 09, 2017. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Hornbeck-Offshore-Services-Inc-Downgraded-To-SD-On-Debt-Exchange-Convertible-Note-Rating-Lowered-To-D-1897992>
  
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