On Nov. 8, 2006, Standard&Poor's Ratings Services assigned its 'BB-' senior unsecured rating to marine services firm Hornbeck Offshore Services Inc.'s proposed $220 million, 1.625% convertible notes due 2026. At the same time, Standard&Poor's affirmed its 'BB-' corporate credit rating on the company. The outlook is stable. Pro forma the proposed $220 million note offering, Covington, La.–based Hornbeck is expected to have roughly $520 million of debt. Hornbeck intends to use the proceeds for general corporate purposes, including potential acquisitions and additional fleet expansion, various costs associated with the offering, as well as $63.3 million of the net proceeds to repurchase 1.8 million shares of its common stock. Although estimated pro forma debt leverage of around
