Hornbeck Offshore has swapped $131.6m of its 5.875% bonds due next year for term loans expiring in 2025, which is about $53m short of its revised target.
The New York-listed company launched the exchange offer on 7 January with a tender cap of $200m, which was subsequently lowered to $185m on 22 January.
Some 36% of the notes were validly tendered by the time the offering expired late Monday night, a filing said on Tuesday.
The company’s subsidiary Hornbeck Offshore Co will incur $111.8m in term loans when the exchange offer is settled, which is expected to be on 7 February.
The loans carry interest of 9.5% and are guaranteed by second-priority interest in the collateral securing the company's existing $300m term loan facility, which was fully drawn as of 31 December.
The tendered notes are eligible to receive the total consideration available under the exchange offer, which consists of $850 in principal amount of term loans per $1,000 aggregate principal amount of notes accepted for exchange.
When the exchange offer was launched in early January, Hornbeck had $100m in bonds maturing in October, with another $367m maturing in April 2020.
