Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - HORNBECK OFFSHORE SERVICES INC /LA | ex-992_10132017.htm |
| EX-99.1 - EXHIBIT 99.1 - HORNBECK OFFSHORE SERVICES INC /LA | ex-991_10132017.htm |
| 8-K - 8-K - HORNBECK OFFSHORE SERVICES INC /LA | form8-k_10132017.htm |
Exhibit 99.3
Second Alternative Counter-Proposal by 2020 Notes Ad Hoc Group (10/7/17)
Borrowers | n | Hornbeck Offshore Services, Inc. and Hornbeck Offshore Services, LLC (collectively, the “Company”) |
Facility type | n | Senior secured second-lien term loan (the “Second-Lien Tranche”) |
Facility size | n | Up to $300mm |
Exchange offer | n | Participating holders of 5.875% Senior Notes due 2020 (the “2020 Notes”) will exchange for consideration totaling 79.0% of par, comprised of a mix of 69.5% Second-Lien Tranche and 9.5% cash as a private exchange |
n | Participating holders of 5.0% Senior Notes due 2021 in the 2020 Notes Ad Hoc Group of up to $55mm will exchange on a private basis for either a) 69.5% Second-Lien Tranche and 4.5% cash or b) 63.5% Second-Lien Tranche and 9.5% cash, at the Company’s option | |
Tenor | n | Earlier to occur of 6 years or 90 days following the maturity of the Company’s $300mm First-Lien Term-Loan |
Cash Coupon | n | 8.875% |
Call protection | n | Pre-payable at 101 in year one, and par thereafter |
Covenants | n | Minimum Available Liquidity (as defined in the First Lien Term Loan Agreement) of no less than $25,000,000 |
n | Affirmative and negative covenants to be substantially similar to such covenants under the First Lien Term Loan Agreement filed with the SEC by the Company on 6/16/17 (the “First Lien Term Loan Agreement”); provided that the debt and lien covenants shall (x) limit the debt under the First Lien Term Loan Agreement and/or any revolver facility, which is secured on a senior basis, in an amount not to exceed $350,000,000 (for the avoidance of doubt, any PIK accrual on the debt under the First Lien Term Agreement must utilize this basket); provided that the debt under the Second Lien Tranche and any other debt secured on a senior or pari passu basis with the Second Lien Tranche does not exceed $600,000,000, (y) not include a separate debt or lien basket for a revolver facility and (z) limit the debt secured on a pari passu with the Second-Lien Tranche in an amount not to exceed $600,000,000 less the amount of debt under the Second Lien Tranche less the amount of debt under the First Lien Term Loan Agreement or revolver facility | |
Intercreditor | n | Intercreditor agreement reasonably acceptable to Holders |
Collateral | n | Pledge of the same assets securing the First Lien Term Loan Agreement on a second lien basis |
Guarantors | n | Same as the First Lien Term Loan Agreement |
Assignments | n | Second-Lien Tranche is freely tradable without Company consent |
Advisors | n | Company rescinds termination of 2020 Notes Ad Hoc Group advisors |