Horizon Offshore Extends Maturities, Looks for New Lenders

We understand that Horizon Offshore has repaid all amounts outstanding under its domestic revolving credit facility and has amended its EXIM guaranteed facility, agented by Southwest Bank of Texas, to further extend its maturity date to February 18, 2005. The company had previously extended the January 21, 2005 maturity date to February 11, 2005. According to documents filed by the company, Horizon continues to work with an as yet unnamed lender to refinance, through a term loan and revolving credit facility, the debt outstanding under its Southwest Bank EXIM guaranteed facility and The CIT Group/Equipment Finance, Inc. facilities.

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