US offshore vessel operator Hornbeck Offshore has refinanced its existing $200m credit facility with a new credit facility providing for up to $300m of term loans.
The six-year term of the new credit facility extends the maturity of the current credit facility from February 2020 to June 2023.
The company will use the new credit facility for working capital and general corporate purposes, including the acquisition of distressed assets and the refinancing of existing debt.
Hornbeck Offshore announced in November 2016 that it would probably have to stack nearly 80% of its OSV fleet in 2017 due to the decline in the offshore sector.