Recovery Report: Hornbeck Offshore Services Inc.'s Recovery Rating Profile Mar 12
Standard & Poors, March 2012
Abstract
We are updating our recovery analysis on Covington, La.-based offshore marine services company Hornbeck Offshore Services Inc., (Hornbeck) to reflect the proposed issuance of $375 million senior unsecured notes to refinance the existing $300 million 2014 notes. As a result of the small increase in total senior unsecured debt, we expect a slight decrease in our recovery expectations on the existing senior unsecured notes; however, our recovery and issue-level ratings on the notes remain unchanged. Claims on the proposed notes are expected to be pari passu with the existing senior unsecured notes, hence our recovery and issue-level ratings on the new notes are consistent with the existing notes. Our default scenario assumes an extended period of weak commodity prices, leading...
Companies mentioned in this report are: Hornbeck Offshore Services Inc.
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Research Type: Full Analysis
Hornbeck Offshore Services Inc.
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