Hercules tenders, seeks consents for $300 million 7 1/8% senior notes

By Susanna Moon

Chicago, March 12 - Hercules Offshore, Inc. said it began a cash tender offer and a consent solicitation for its $300 million of outstanding 7 1/8% senior secured notes due 2017.

The total purchase price will be $1,057.44, including a $6.25 consent payment, per $1,000 principal amount of notes tendered by 5 p.m. ET on March 25, the consent expiration date.

Those who tender after the consent date will receive $1,051.19 per $1,000 principal amount.

The company also will pay accrued interest up to but excluding the payment date, which will be March 26 for early tendered notes and April 10 for remaining tenders.

The tender offer will end at 11:59 p.m. ET on April 9.

Tendered notes may be withdrawn by the consent date.

Holders tendering their notes will be required to consent to the proposed amendments to the note indenture, according to a company press release.

The tender offer is conditioned on Hercules Offshore obtaining tenders from at least a majority of the notes by the consent date and proceeds of at least $300 million from a capital markets transaction by the initial settlement date.

Deutsche Bank Securities Inc. is the dealer manager and solicitation agent. For questions, call Deutsche Bank Securities at 855 287-1922 or 212 250-7527 collect. For documentation, call D.F. King & Co., Inc. at 800 488-8075.

The company is a Houston-based provider of offshore drilling equipment and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.