Bristow Group sets ratio for mandatory conversion of 5.5% preferreds

By Angela McDaniels

Tacoma, Wash., Sept. 14 - Bristow Group Inc. will issue 1.418 shares of common stock for each share of its 5.5% mandatory convertible preferred stock when the preferreds are mandatorily converted on Sept. 15, according to a company news release.

The preferreds are convertible into Bristow common stock at the 20-day average closing price of the common stock, with a floor of $35.26 and a ceiling of $43.19 per common share.

The ratio for the mandatory conversion was determined based on the average closing price of Bristow common stock over the 20 consecutive trading days that ended on Sept. 10, which was $30.25 per share.

Because there are 4.6 million of the preferreds outstanding as of Sept. 14, the company will issue approximately 6,522,800 shares of its common stock upon conversion.

Bristow is a Houston-based provider of helicopter services to the offshore energy industry.

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