June 16th, 2017 Jason Jiang Americas, Offshore 0 comments

US offshore vessel operator Hornbeck Offshore has refinanced its existing $200m credit facility with a new credit facility providing for up to $300m of term loans.

The six-year term of the new credit facility extends the maturity of the current credit facility from February 2020 to June 2023.

The company will use the new credit facility for working capital and general corporate purposes, including the acquisition of distressed assets and the refinancing of existing debt.

Hornbeck Offshore announced in November 2016 that it would probably have to stack nearly 80% of its OSV fleet in 2017 due to the decline in the offshore sector.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jasons access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Originally posted here:

Hornbeck Offshore secures new $300m credit facility - Splash 247