Offshore Logistics to redeem 6% convertibles, 7 7/8% notes

New York, June 25 - Offshore Logistics, Inc. said it will redeem all its outstanding 6% convertible subordinated notes due 2003 and 7 7/8% senior notes due 2008 on July 29.

The Lafayette, La. helicopter transportation company will redeem the convertibles at 100.86% of the principal amount plus $7.33 of accrued interest per $1,000 face value.

It will redeem the 7 7/8% notes at 103.938% of principal plus $3.06 of accrued interest per $1,000 face value.

Offshore Logistics has $90.9 million of the convertibles and $100 million of the senior notes outstanding.

The redemption will be funded with part of the proceeds from its recent sale of $230 million of 6 1/8% senior notes due 2013.

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