PHI tenders for any and all $300 million 8 5/8% notes due 2018

By Jennifer Chiou

New York, March 3 - PHI, Inc. announced the start of its cash tender offer for any and all of its $300 million of 8 5/8% senior notes due 2018.

The offer will end at midnight ET on March 28.

The company is also soliciting consents to amend the note indenture to eliminate most of the restrictive covenants and certain events of default. PHI is looking for consents from holders of a majority of notes.

For each $1,000 principal amount, the company will pay $1,089.32, which includes an early tender payment of $30.00 for those who tender prior to midnight ET on March 14.

PHI will also pay accrued interest.

Initial settlement is slated for March 17.

The withdrawal deadline coincides with the early payment deadline.

UBS Investment Bank is the dealer manager and solicitation agent (888 719-4210 or call collect 203 719-4210), and Global Bondholder Services Corp. is the information agent and depositary (866 470-3700 or bank and brokers 212 430-3774).

Lafayette, La.-based PHI provides helicopter transportation and related services to the oil and gas industry and air medical industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.