SEC Filings

10-Q
HORNBECK OFFSHORE SERVICES INC /LA filed this Form 10-Q on 05/10/2016
Entire Document
 
HORNBECK OFFSHORE SERVICES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS




5. Long-Term Debt
As of the dates indicated, the Company had the following outstanding long-term debt (in thousands):
 
March 31,
2016
 
December 31,
2015
5.875% senior notes due 2020, net of deferred financing costs of $3,714 and $3,944
$
371,286

 
$
371,056

5.000% senior notes due 2021, net of deferred financing costs of $4,838 and $5,080
445,162

 
444,920

1.500% convertible senior notes due 2019, net of original issue discount of $39,034 and $41,600 and deferred financing costs of $3,843 and $4,095
257,123

 
254,305

Revolving credit facility due 2020

 

 
$
1,073,571

 
$
1,070,281

The table below summarizes the Company's cash interest payments (in thousands):
 
Semi-Annual Cash Interest Payment
 
Payment Dates
5.875% senior notes due 2020
$
11,000

 
April 1 and October 1
5.000% senior notes due 2021
11,300

 
March 1 and September 1
1.500% convertible senior notes due 2019
2,300

 
March 1 and September 1
As of March 31, 2016, there were no amounts drawn or letters of credit posted under the Company’s $300.0 million revolving credit facility. As of March 31, 2016, the Company was in compliance with all financial covenants required by its revolving credit facility and the full amount of the undrawn borrowing base under the facility was available to the Company for all permissible uses of proceeds, including working capital, if necessary.
The Company estimates the fair value of its 2020 senior notes, 2021 senior notes and 2019 convertible senior notes by primarily using quoted market prices. The fair value of the Company’s revolving credit facility, when there are outstanding balances, approximates its carrying value. Given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2 of the three-level valuation hierarchy. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):
 
March 31, 2016
 
December 31, 2015
 
Face Value
 
Carrying Value
 
Fair Value
 
Face Value
 
Carrying Value
 
Fair Value
5.875% senior notes due 2020
$
375,000

 
$
371,286

 
$
225,000

 
$
375,000

 
$
371,056

 
$
257,813

5.000% senior notes due 2021
450,000

 
445,162

 
263,250

 
450,000

 
444,920

 
308,250

1.500% convertible senior notes due 2019
300,000

 
257,123

 
180,465

 
300,000

 
254,305

 
170,340

 
$
1,125,000

 
$
1,073,571

 
$
668,715

 
$
1,125,000

 
$
1,070,281

 
$
736,403

Capitalized Interest
During the three months ended March 31, 2016, the Company capitalized approximately $5.0 million of interest costs related to the construction of vessels. During the three months ended March 31, 2015, the Company capitalized approximately $5.8 million of interest costs related to the construction of vessels.


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