SECOND LIEN TERM LOAN CREDIT AGREEMENT
Signed Dec 27, 2024
- Committed
- $450m
- Matures
- Jan 2033
| Tranche | Size | Matures | Margin |
|---|---|---|---|
| Term Loan | $450m | Jan 2033 | n/a |
HORNBECK OFFSHORE SERVICES, INC.
$575m committed across 2 active facilities, next covenant test Sep 30, 2026. HOS
Recent changes
Net leverage: when the limit steps, and which way the company's ratio has been moving.
CovenantTestedHeadroomLimit now
Tested springing234.0%ratio -1.34x, estimated, vs 1.00x limit in force at Jun 30, 20261.00x
Springing: Tested only if any Revolving Loans or unreimbursed Letters of Credit are outstanding at such time.
the Borrower shall not permit the Revolving Credit Facility Net Leverage Ratio on the last day of each Test Period (each such date, a “Measurement Date”) to be greater than 1.00 to 1.00Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured$25m
Commencing with the Test Period ending on the last day of the first full fiscal quarter ended after the Closing Date, the Borrower shall not permit the Liquidity on the last day of each Test Period (each such date, a “Measurement Date”) to be less than $25,000,000.Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.50
the Borrower shall not permit the Collateral Coverage Ratio on any Measurement Date to be less than 1.50 to 1.00.Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured3.00
the Borrower shall not permit the RCF Collateral Coverage Ratio on any Measurement Date be less than 3.00 to 1.00.Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured$25m
the Borrower shall not permit the Liquidity on any Measurement Date to be less than $25,000,000.Read the filing on sec.gov ↗
CREDIT AGREEMENT
Signed Aug 13, 2024
- Committed
- $125m
- Matures
- n/a
| Tranche | Size | Matures | Margin |
|---|---|---|---|
| Revolving Credit Facility | $125m | n/a | 275–375 bps |
Priced over Term SOFR (Revolving credit facility).
| Level | Condition | Margin | Unused fee |
|---|---|---|---|
| Level 1 | Total Net Leverage Ratio ≤ 0.50:1.00 | 275 bps | n/a |
| Level 2 | Total Net Leverage Ratio ≤ 1.50:1.00 | 300 bps | n/a |
| Level 3 | Total Net Leverage Ratio ≤ 2.00:1.00 | 325 bps | n/a |
| Level 4 | Total Net Leverage Ratio ≤ 2.50:1.00 | 350 bps | n/a |
| Level 5 | Total Net Leverage Ratio > 2.50:1.00 | 375 bps | n/a |
§1.01
Lenders: DNB MARKETS, INC., JPMorgan Chase Bank, N.A, Barclays bank PLC
Aug 28, 2026
Amendmentunconfirmed
Adds a $50,000,000 incremental revolving commitment and updates total revolving Commitments to $125,000,000. The incremental commitments have identical terms to the existing facility and form part of the same Class.
- incremental_facility_amount: n/a → 50000000 §Recitals; Section 2(b), 2(d)
- total_revolver_commitments: $75,000,000 → 125000000 §Exhibit A - Definition of “Commitment” (blackline)
Dec 27, 2024
Amendmentunconfirmed
Amends the credit agreement to implement a collateral trust structure and intercreditor arrangements in connection with a new second-lien term loan facility. Wilmington Trust is designated to act as Collateral Trustee, and related collateral, intercreditor and vessel mortgage documents are approved and put in place as of December 27, 2024.
- effective_date: n/a → 2024-12-27 §Definitions; Section 3
- collateral_agent_role: n/a → Collateral Trustee §Definitions
- second_lien_facility_consent: n/a → Consent to Second Lien Term Loan Credit Agreement §Section 5
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