Hornbeck Offshore is lowering the cap on its debt swap offer.
The New York-listed, Louisiana-based offshore player announced Tuesday that the tender cap has been dropped from $200m to $185m on its offer to trade its 5.875% bonds coming due next year for term loans expiring in 2025 with a 9.5% interest rate.
The company has said in the early period more than a third of the aggregate amount had been tendered.
The offer expires 11:59 p.m. New York time on 4 February.
There is currently $366.94m outstanding on the 2020 bonds.
Hornbeck announced the swap two weeks ago, with $100m in bonds maturing in October, and it has another $367m maturing in April 2020.
Clarksons Platou Securities' Turner Holm called the debt swap a "first step" in addressing its maturity issues.
The move could cost a few million a year and position the company to negotiate with other bondholders.
