Hornbeck Offshore is lowering the cap on its debt swap offer.
The New York-listed, Louisiana-based offshore player announced Tuesday that the tender cap has been dropped from $200m to $185m on its offer to trade its 5.875% bonds coming due next year for term loans expiring in 2025 with a 9.5% interest rate.
The company has said in the early period more than a third of the aggregate amount had been tendered.
