US offshore services provider Hornbeck Offshore has refinanced its existing $200 million credit with a new delayed-draw credit facility providing for up to £300 million of term loans.
The six-year term of the new credit facility will extend the maturity of the old credit facility by three years to June 2023.
In a statement, the company said that the new facility would enhance its flexibility increasing liquidity from the currently applicable borrowing base of $75 million under the old facility and extending the maturity date.
The new facility can be used for working capital and general corporate purposes, including purchasing distressed assets and refinancing existing debt.
The statement also adds that if the market picks up sufficiently by year three, the company may be able to refinance the deal to secure more favourable terms.