Helix-Hornbeck Merger Closes: $125M Revolver, 37.8M Shares Issued, New Leadership Team
HLX sits 76% above its 52-week low of $6.025 on elevated volume (2.5× avg).
Summary
Helix Energy Solutions and Hornbeck Offshore Services completed their all-stock merger on September 1, 2026, with the combined company renamed Hornbeck Offshore Services and trading as HOS starting September 2. The filing details a $50 million credit facility increase, 37.8 million shares issued to consenting stockholders, and a complete board and executive leadership transition.
Key Events · M&A and Partnerships · HLX
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Merger Completed
Helix Energy Solutions and Hornbeck Offshore Services completed their all-stock merger on September 1, 2026. The combined company was renamed Hornbeck Offshore Services and will trade under ticker HOS on the NYSE starting September 2, 2026.
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Credit Facility Upsized to $125M
The First Incremental Facility Amendment increased total revolving commitments from $75 million to $125 million, with uncommitted incremental facility capacity raised to $175 million. Helix's existing $120 million ABL facility with Bank of America was terminated with no outstanding borrowings.
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37.8M Shares Issued to Consenting Stockholders
An aggregate of 37,818,435 shares of Common Stock were issued to Consenting Stockholders under a Section 4(a)(2) private placement exemption. Additionally, 8,617,903 Jones Act Warrants held by these stockholders were assumed by the company.
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Complete Leadership Transition
Five Helix directors resigned effective at the merger close, replaced by a seven-member board including three Legacy Hornbeck directors. Todd M. Hornbeck was appointed President and CEO, with five other new executive officers named. Former CEO Owen Kratz received an $800,000 annual consulting agreement.
Analysis · HLX · Energy & Transportation
The all-stock merger between Helix Energy Solutions and Hornbeck Offshore Services closed on September 1, 2026, creating a combined offshore services company now trading as Hornbeck Offshore Services (HOS). This 8-K finalizes the transaction with material new details: the revolving credit facility was upsized from $75 million to $125 million with an additional $175 million in uncommitted capacity, Helix's $120 million ABL facility was terminated, and 37.8 million shares were issued to consenting stockholders under a private placement exemption. The entire leadership team changed — five Helix directors resigned, seven new directors were appointed (including three from Legacy Hornbeck), and six new executive officers were named with Todd Hornbeck as CEO. Former CEO Owen Kratz received an $800,000 annual consulting agreement. The combined company begins trading under the HOS ticker on September 2, 2026.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 43.7% of the 583 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.52%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, HLX was trading at $10.61 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $6.03 to $10.75. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.