Ares funds report 37,897,551-share Hornbeck warrants
HORNBECK OFFSHORE SERVICES, INC.
Rhea-AI Filing Summary
HORNBECK OFFSHORE SERVICES, INC. (HLX) received an initial ownership report on Form 3 from Ares Management LLC and affiliated entities, stating that various Ares-managed funds and accounts may be deemed to share beneficial ownership of indirect holdings of Hornbeck common stock and associated warrants. The reported positions include warrants on common stock that are immediately exercisable at an exercise price of $0.00001 per share and, according to the disclosure, do not expire, but are subject to citizenship rules and limitations on exercise, sale, transfer or other disposition. The Ares entities and certain individuals emphasize that they disclaim beneficial ownership of securities not held of record by them, including specified managed-account shares.
Positive
- None.
Negative
- None.
Insights
Analyzing...
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
ARES MANAGEMENT LLC, Ares Partners Holdco LLC, Ares Voting LLC, Ares Management GP LLC, Ares Management Corp, Ares Holdco LLC, Ares Management Holdings L.P.
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Warrants F7, F6, F1, F2, F3 | -- | -- | -- |
| holding | Warrants F7, F6, F4, F5 | -- | -- | -- |
| holding | Common Stock F1, F2, F3 | -- | -- | -- |
| holding | Common Stock F4, F5 | -- | -- | -- |
Holdings After Transaction:
Warrants — 42,929,494 contracts (Indirect, See Footnotes);
Common Stock — 27,425,863 shares (Indirect, See Footnotes)
Footnotes (7)
- F1. Includes: (i) 10,107 shares of Common Stock and 134,887 warrants held by ASOF II A (DE) Holdings I, L.P., (ii) 56,103 shares of Common Stock and 748,260 warrants held by ASOF II Holdings I, L.P., (iii) 1,020,227 shares of Common Stock and 1,095,124 warrants held by ASOF Holdings I, L.P. (together with ASOF II A (DE) Holdings I, L.P. and ASOF II Holdings I, L.P., the "Ares SOF Holders"), (iv) 2,264,402 shares of Common Stock and 79,841 warrants held by ASSF IV AIV B Holdings III, L.P., (v) 72,506 shares of Common Stock and 2,208,429 warrants held by ASSF IV AIV B, L.P. (together with ASSF IV AIV B Holdings III, L.P., the "Ares SSF Holders") and (vi) 161,656 shares of Common Stock and 765,402 warrants held by two accounts managed or subadvised by Ares Management LLC with respect to which the Ares Entities (as defined below) may be deemed to have shared voting or dispositive power with the owners of such accounts (the "Ares Managed Accounts" and, such shares, the "Ares Managed Shares").
- F2. Ares Partners Holdco LLC ("Ares Partners") is the sole member of each of Ares Management GP LLC and Ares Voting LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management Corporation ("Ares Management"), which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC, which is (x) the general partner of ASSF Operating Manager IV, L.P., which is the manager of each of the Ares SSF Holders, (y) the sole member of ASOF Investment Management LLC, which is the manager of each of the Ares SOF Holders and (z) the investment manager or investment subadvisor of each of the Ares Managed Accounts.
- F3. We refer to all of the foregoing entities collectively as the Ares Entities. Each of the Ares Entities may be deemed to share beneficial ownership of the securities reported herein, but each disclaims any such beneficial ownership of securities not held of record by it. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners. The Ares Entities disclaim beneficial ownership of the Ares Managed Shares for purposes of Section 16 and this report shall not be deemed an admission that any of the Ares Entities are the beneficial owner of the Ares Managed Shares for purposes of Section 16 or for any other purpose.
- F4. Includes: (i) 4,749,024 shares of Common Stock held by ASOF HOS AIV 1, L.P., (ii) 1,871,251 shares of Common Stock and 16,507,261 warrants held by ASOF HOS AIV 2, L.P. (together with ASOF HOS AIV 1, L.P., the "Ares SOF HOS Holders"), (iii) 14,314,404 shares of Common Stock held by ASSF IV HOS AIV 1, L.P. and (iv) 2,906,183 shares of Common Stock and 21,390,290 warrants held by ASSF IV HOS AIV 2, L.P. (together with ASSF IV HOS AIV 1, L.P., the "Ares SSF HOS Holders").
- F5. ASOF HOS GP, LLC is managed by a board of managers, which is composed of Evan Hoole, Matthew Jill and Naseem Sagati Aghili. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by ASOF HOS GP, LLC. ASOF HOS GP, LLC is the general partner of each of the Ares SSF HOS Holders and the Ares SOF HOS Holders. Accordingly, ASOF HOS GP, LLC may be deemed to share beneficial ownership of the securities held of record by the Ares SSF HOS Holders and the Ares SOF HOS Holders, but disclaims such beneficial ownership.
- F6. The warrants are immediately exercisable but are subject to certain citizenship rules and limitations on exercise, sale, transfer or other disposition. The warrants do not expire.
- F7. The exercise price of the warrants is $0.00001.
Key Figures
Underlying shares for first warrant position: 5,031,943 shares of common stock
Underlying shares for second warrant position: 37,897,551 shares of common stock
Exercise price of warrants: $0.00001 per share
+4 more
7 metrics
Underlying shares for first warrant position
5,031,943 shares of common stock
Underlying shares for an indirectly held Hornbeck Offshore warrants position
Underlying shares for second warrant position
37,897,551 shares of common stock
Underlying shares for another indirectly held Hornbeck Offshore warrants position
Exercise price of warrants
$0.00001 per share
Exercise price disclosed for all reported warrants on Hornbeck common stock
ASOF II A (DE) Holdings I, L.P. common shares
10,107 shares
Common stock held by ASOF II A (DE) Holdings I, L.P. as part of Ares SOF Holders
ASOF II A (DE) Holdings I, L.P. warrants
134,887 warrants
Warrants held by ASOF II A (DE) Holdings I, L.P. on Hornbeck common stock
ASOF HOS AIV 2, L.P. warrants
16,507,261 warrants
Warrants on Hornbeck common stock held by ASOF HOS AIV 2, L.P.
ASSF IV HOS AIV 2, L.P. warrants
21,390,290 warrants
Warrants on Hornbeck common stock held by ASSF IV HOS AIV 2, L.P.
Key Terms
beneficial ownership, warrants, citizenship rules, disclaims beneficial ownership, +1 more
5 terms
beneficial ownership financial
"Each of the Ares Entities may be deemed to share beneficial ownership"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
warrants financial
"The warrants are immediately exercisable but are subject to certain citizenship rules"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
citizenship rules regulatory
"The warrants are immediately exercisable but are subject to certain citizenship rules"
disclaims beneficial ownership financial
"Each disclaims any such beneficial ownership of securities not held of record"
managed accounts financial
"the Ares Managed Accounts and, such shares, the "Ares Managed Shares""
Managed accounts are collections of investments owned by an individual or institution but run day-to-day by a professional who buys, sells and allocates assets according to an agreed plan. They matter to investors because they provide tailored oversight, active risk control and potential tax efficiency—like hiring a personal chef to manage your diet—while fees and the manager’s skill directly affect returns.
FAQ
What does the Form 3 filed for HLX by Ares Management LLC report?
It reports that Ares Management LLC and related entities may be deemed to share beneficial ownership of indirect holdings of Hornbeck Offshore common stock and warrants through multiple Ares-sponsored funds and managed accounts, with no buy or sell transactions reported on this Form 3.
What are the key warrant terms disclosed in the HLX Form 3?
The filing states that the warrants are immediately exercisable, have an exercise price of $0.00001 per share, and do not expire. They are subject to certain citizenship rules and limitations on exercise, sale, transfer or other disposition.
How are Ares funds and accounts described in relation to HLX securities?
The filing lists Ares SOF Holders, Ares SSF Holders, Ares SOF HOS Holders, Ares SSF HOS Holders, and certain Ares Managed Accounts as record holders of various common shares and warrants, over which the Ares entities may be deemed to share voting or dispositive power.
Do the Ares entities claim full beneficial ownership of the HLX securities?
No. The Ares entities state they may be deemed to share beneficial ownership but expressly disclaim beneficial ownership of securities not held of record by them, including the Ares Managed Shares, and note that certain managers also disclaim beneficial ownership.
Is there any Rule 10b5-1 trading plan associated with this HLX Form 3?
The document-level Rule 10b5-1 indicator is not used here, and the disclosure presents only holdings, not open-market transactions, with no statement that these positions arise under a Rule 10b5-1 or similar trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
