Hercules Offshore delivers notices and forms related to exit financing

By Caroline Salls

Pittsburgh, Sept. 3 – Hercules Offshore, Inc.’s information agent began distributing notices and subscription forms to senior unsecured noteholders eligible to participate in the company’s exit financing, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Hercules said the exit commitment letter requires it to give the opportunity to noteholders that are not party to the commitment to be a commercial lender in a first-lien exit facility or to acquire loans under the exit facility from an assigning lender.

The notices and subscription forms were distributed to the noteholders on Thursday, according to the 8-K.

As previously reported, Hercules’ prepackaged plan of reorganization calls for $450 million in new debt financing to be provided by participating holders of the senior notes.

The debt would have a maturity of 4˝ years and bear interest at Libor plus 950 basis points with a 1% Libor floor and be issued at a price equal to 97% of the principal amount.

Hercules, a Houston-based provider of offshore drilling equipment and services, filed for bankruptcy on Aug. 13 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 15-11685.

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