CHC Helicopter ups payment in tender for 7 3/8% notes due 2014

New York, June 17 - CHC Helicopter Corp. increased the payment in its cash tender offer for all of its outstanding 7 3/8% senior subordinated notes due 2014.

The company is now offering $1,040 per $1,000 principal amount, up from $1,015 previously.

The consent payment remains $5.00 per $1,000 and is still included in the total.

In addition, CHC extended the consent deadline to 5 p.m. ET on June 24 from 5 p.m. ET on June 9 and the expiration to midnight ET on July 9 from midnight ET on June 23.

As of June 17, holders had tendered $118 million of the notes.

The tender offer was announced on May 27 and CHC said it is also soliciting consents to amend the notes to remove all restrictive covenants.

The offer and consent solicitation are being made in connection with the acquisition of all of CHC's outstanding class A subordinate voting shares and class B multiple voting shares by 6922767 Canada Inc., an affiliate of a fund managed by First Reserve Corp.

The cost of the acquisition was previously reported as $3.7 billion.

Completion of the tender offer and receipt of the required consents are not conditions to completion of the acquisition or to the financing.

Holders may not tender notes without delivering consents or vice versa.

Morgan Stanley & Co. Inc. (800 624-1808 or collect at 212 761-1941) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (888 869-7406 or collect at 212 269-5550 for banks and brokers) is the information agent.

CHC Helicopter is a St. Johns, Newfoundland, provider of helicopter transportation services to the oil and gas industry.

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