Hornbeck Offshore Announces New Senior Credit Facility
HORNBECK OFFSHORE SERVICE (HOS)
Last hornbeck offshore service earnings: 7/31 04:30 pm
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US:NYSE Investor Relations:
ir.hornbeckoffshore.com
Company Research
Source: PR Newswire
COVINGTON, La., July 8, 2019 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE: HOS) ("the Company") announced today that on June 28, 2019, the Company entered into a new $100 million senior secured asset-based revolving credit facility (the "Senior Credit Facility"). The fully-funded Senior Credit Facility is secured by first priority liens on certain eligible receivables, certain restricted cash amounts and related assets.The Senior Credit Facility enhances the Company's financial flexibility and is comprised of two tranches that will rebalance each month based on the variable eligible receivables-backed borrowing base. The unrestricted receivables-backed tranche will mature in 2022, and the restricted cash-backed tranche will mature in 2025. The receivables-backed tranche may be used for working capital and general corporate purposes, including the repayment or refinancing of existing debt, subject to, among other things, compliance with certain requirements. The cash-backed t
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