Hornbeck Offshore has swapped $131.6m of its 5.875% bonds due next year for term loans expiring in 2025, which is about $53m short of its revised target.
The New York-listed company launched the exchange offer on 7 January with a tender cap of $200m, which was subsequently lowered to $185m on 22 January.
Some 36% of the notes were validly tendered by the time the offering expired late Monday night, a filing said on Tuesday.
