Hornbeck Offshore Services, Inc. announced that it has commenced a private offer to exchange up to $200 million aggregate principal amount (the "Tender Cap") of its outstanding 5.875% Senior Notes due 2020 for new Second Lien Term Loans due 2025 (the "Term Loans") of the Company and its wholly-owned subsidiary, Hornbeck Offshore Services, LLC (the "Co-Borrower"), upon the terms and conditions set forth in a confidential offer to exchange and consent solicitation statement dated January 7, 2019 and a related letter of transmittal (together, the "Offer to Exchange Statement"). In conjunction with the Exchange Offer, and upon the terms and conditions set forth in the Offer to Exchange Statement, the Company is soliciting consents ("Consents") from holders of the Notes ("Holders") to certain proposed amendments (the "Proposed Amendments") to the indenture governing the Notes, dated as of March 16, 2012 (the "Indenture"), which will become effective with respect to the Indenture if Consents by Holders representing not less than a majority of the outstanding principal amount of the Notes are received to adopt the Proposed Amendments. The Term Loans will be made pursuant to a second lien term loan agreement (the "Second Lien Term Loan Agreement") to be entered into by the Company, the Co-Borrower and the subsidiary guarantor’s party thereto, respectively, and Wilmington Trust, National Association, as Administrative Agent and Collateral Agent. The Term Loans will have a maturity date of the sixth anniversary of the Settlement Date (as defined in the Offer to Exchange Statement) and will bear interest at a fixed rate per annum of 9.50%. The Term Loans will be guaranteed by certain of the Company's present and future domestic subsidiaries and secured on a second lien basis, subject to certain permitted liens, by a second-priority interest in the collateral securing the Company's existing $300 million first-lien delayed-draw term loan facility, dated June 15, 2017, which was fully drawn as of December 31, 2018. The Exchange Offer will expire at 11:59 p.m., New York City time, on February 4, 2019, unless extended by the Company (the "Expiration Time"). For each $1,000 principal amount of Notes validly tendered at or prior to 5:00 p.m., New York City time, on January 18, 2019 (as it may be extended, the "Early Tender Time") and accepted for exchange by the Company, Holders will be eligible to receive the "Total Consideration" set out in the table above, which includes an early participation premium of $20 in principal amount of the Term Loans per $1,000 of Notes.