CHC may tender for 7 3/8% notes with acquisition by First Reserve

By Jennifer Chiou

New York, Feb. 22 - CHC Helicopter Corp. said that it may tender and solicit consents for its 7 3/8% senior subordinated notes due 2014 prior to the completion of its planned acquisition by First Reserve Corp.

The $3.7 billion acquisition is not expected to require the consent of the 7 3/8% noteholders.

If the transaction is completed, CHC will be required to make an offer for the notes within 30 days of closing at a price equal to 101% plus accrued interest.

First Reserve also has the right to require CHC to redeem and/or discharge any or all of the notes prior to completion of the acquisition.

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

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