Item 1.01. Entry into a Material Definitive Agreement

Partial Payoff and Amendment to Senior Credit Agreement

On February 29, 2020, Hornbeck Offshore Services, Inc. (the "Company") agreed to make a cash payment of $50 million out of its restricted cash to CIT Northbridge Funding I LLC ("CIT") in full satisfaction of CIT's share of the existing obligations under that certain Senior Credit Agreement dated as of June 28, 2019 by and among the Company, as Borrower, certain of the Company's subsidiaries, as guarantors, certain lenders, and CIT Northbridge Credit LLC (the "Agent") as Administrative Agent and Collateral Agent for the lenders (the "Senior Credit Agreement"). Upon the receipt by CIT on March 2, 2020 of the agreed upon payoff amount and certain related payments, CIT's share of the existing obligations under the Senior Credit Agreement was repaid in full and CIT has no further obligation to make additional loans under the Senior Credit Agreement. Following such payoff, the outstanding balance under the Senior Credit Agreement is $50 million.

On February 29, 2020, in connection with such payoff of CIT, the Company entered into Amendment No. 2 to the Senior Credit Agreement ("Amendment No. 2") whereby the Senior Credit Agreement, as previously amended, was further amended to clarify various provisions and make certain technical revisions related to the removal of CIT as a lender under the Senior Credit Agreement. The foregoing is a summary only, is not necessarily complete, and is qualified in its entirety by reference to Amendment No. 2, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.




Item 8.01 Other Events

Forbearance

Consistent with the disclosure in our Form 8-K earlier this week, on March 2, 2020, the Company, together with the administrative agents and certain of its lenders (the "Lenders") under its existing Senior Credit Agreement, First Lien Term Loan Agreement and Second Lien Term Loan Agreement, entered into separate forbearance agreements (the "Forbearance Agreements"), pursuant to which such Lenders agreed, until 11:59 p.m. Houston time on March 31, 2020 (which, under certain circumstances, may be extended to 11:59 p.m. Houston time on April 1, 2020), except in the case of early termination of a Forbearance Agreement, to forbear from exercising certain of their rights and remedies with respect to certain defaults by the Company, including, but not limited to, the Company's failure to make that certain interest payment due March 2, 2020 with respect to the Company's outstanding 5.000% Senior Notes due 2021.

Forward-Looking Statements

This communication contains forward-looking statements, including, in particular, statements about the term and the provisions of the Forbearance Agreements. These statements are based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.

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Item 9.01. Financial Statements and Exhibits.



(d) Exhibits.



Exhibit No.       Exhibit Title or Description

10.1*               Amendment No. 2 to the Senior Credit Agreement dated as of
                  February  29, 2020 by and among the Company, as Borrower, the
                  guarantors signatory thereto, CIT Northbridge Credit LLC, as
                  Collateral Agent and Administrative Agent, and the lenders party
                  thereto.

* The schedules and exhibits to the agreements have been omitted pursuant to Item

601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be

furnished to the SEC upon request.

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