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CHC Helicopter buys €88.3 million 11¾% notes in tender
New York, May 5 - CHC Helicopter Corp. said it completed its cash tender offer to buy any and all of its outstanding €94.25 million principal amount of 11¾% senior subordinated notes due 2007.
By the time the offer expired at 12:01 a.m. ET on May 5, holders had validly tendered and not withdrawn €88.313 million of the notes or 93.7% of the amount outstanding.
Of the total, €87.263 million or 92.6% of the amount outstanding were tendered by the early tender deadline.
CHC announced on April 7 that it was tendering for any and all of its outstanding €94.25 million principal amount of 11¾% notes.
The St. Johns, Newfoundland, provider of helicopter transportation services to the oil and gas industry was also soliciting consents to amend the note indenture and release the collateral securing the notes.
Holders who tendered by the early tender date of 5 p.m. ET on April 21 received €1,078.50 per €1,000 principal amount. Holders who tendered after the early tender date but before the expiration date of 12:01 a.m. ET on May 5 received €1,048.50 per €1,000 principal amount. In both cases holders received accrued interest up to but not including the payment date.
The tender is subject to various conditions including the receipt of consents from holders of at least a majority of the principal amount of the outstanding notes, the approval of the company's senior lenders and completion of a new subordinated debt financing.
The new subordinated debt will be used to fund the tender.
Merrill Lynch & Co. is dealer manager and solicitation agent (888 ML4-TNDR or collect at 212 449-4914). D.F. King & Co. Inc. is the information agent (888 644-6071, 0 800 389 7892, 212 269-5550 or +44 20 7920 9700).
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